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AB High Income Fund

Portfolio of Investments

July 31, 2022 (unaudited)


	Principal Amount (000)			U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 58.6%
Industrial – 51.8%
Basic – 3.6%
Ahlstrom-Munksjo Holding 3 Oy 3.625%, 02/04/2028^(a)		EUR	955	$	784,559
4.875%, 02/04/2028^(a)		U.S.$	4,788		3,871,675
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028^(a)			2,645		2,219,186
7.50%, 09/30/2029^{(a) (b)}			1,091		853,145
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(a)			527		479,474
Element Solutions, Inc. 3.875%, 09/01/2028^(a)			2,415		2,230,456
ERP Iron Ore, LLC 9.039%, 12/31/2019^{(c) (d) (e) (f) (g)}			1,355		848,854
FMG Resources (August 2006) Pty Ltd. 4.375%, 04/01/2031^(a)			12,055		10,362,566
4.50%, 09/15/2027^(a)			1,475		1,344,251
6.125%, 04/15/2032^(a)			8,381		7,879,444
Glatfelter Corp. 4.75%, 11/15/2029^(a)			3,565		2,429,065
Graphic Packaging International LLC 3.75%, 02/01/2030^(a)			6,296		5,690,135
Guala Closures SpA 3.25%, 06/15/2028^(a)		EUR	1,803		1,522,625
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. 9.00%, 07/01/2028^(a)		U.S.$	5,122		4,034,945
INEOS Quattro Finance 1 PLC 3.75%, 07/15/2026^(a)		EUR	108		94,624
INEOS Styrolution Group GmbH 2.25%, 01/16/2027^(a)			5,634		4,706,767
Ingevity Corp. 3.875%, 11/01/2028^(a)		U.S.$	4,788		4,245,739
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026^{(a) (g)}			3,201		2,893,912
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028^(a)			4,418		3,688,200
Kleopatra Finco SARL 4.25%, 03/01/2026^(a) (b)		EUR	5,384		4,692,436
Kobe US Midco 2, Inc. 9.25% (9.25% Cash or 10.00% PIK), 11/01/2026^{(a) (g)}		U.S.$	6,077		5,035,117
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018^{(c) (d) (e) (f) (h)}			16,121		0
Mercer International, Inc. 5.125%, 02/01/2029			2,306		2,160,316


	Principal Amount (000)			U.S. $ Value

Olin Corp. 5.125%, 09/15/2027		U.S.$	1,919	$	1,846,577
5.625%, 08/01/2029			1,124		1,079,084
PIC AU Holdings LLC/PIC AU Holdings Corp. 10.00%, 12/31/2024^(a)			84		85,596
Rimini Bidco SpA 5.25% (EURIBOR 3 Month + 5.25%), 12/14/2026^{(b) (i)}		EUR	6,497		5,685,821
SCIL IV LLC/SCIL USA Holdings LLC 4.375%, 11/01/2026^(a)			1,267		1,072,648
5.375%, 11/01/2026^(a)		U.S.$	6,449		5,405,364
SPCM SA 3.125%, 03/15/2027^(a)			3,640		3,103,176
3.375%, 03/15/2030^(a)			4,197		3,378,819
Valvoline, Inc. 4.25%, 02/15/2030^(a)			10,847		9,852,410
Vibrantz Technologies, Inc. 9.00%, 02/15/2030^(a)			15,730		11,477,480
WR Grace Holdings LLC 4.875%, 06/15/2027^(a)			3,382		3,240,536
5.625%, 08/15/2029^(a)			1,965		1,657,402

					119,952,404


Capital Goods – 3.0%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 4.00%, 09/01/2029^(a)			5,355		4,587,093
6.00%, 06/15/2027^(a)			1,239		1,271,586
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.125%, 08/15/2026^(a)			8,327		7,517,489
5.25%, 04/30/2025^(a)			2,000		1,956,040
5.25%, 08/15/2027^(a)			1,966		1,515,049
Bombardier, Inc. 7.125%, 06/15/2026^(a)			2,000		1,855,681
7.50%, 12/01/2024^(a)			731		715,907
7.50%, 03/15/2025^(a)			7,321		7,180,804
7.875%, 04/15/2027^{(a) (b)}			4,395		4,061,510
Eco Material Technologies, Inc. 7.875%, 01/31/2027^(a)			7,685		6,825,415
EnerSys 4.375%, 12/15/2027^(a)			5,050		4,634,524
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026^(a)			5,660		4,289,420
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026^(a)			1,845		1,803,783
GFL Environmental, Inc. 4.25%, 06/01/2025^(a)			333		331,831
Granite US Holdings Corp. 11.00%, 10/01/2027^(a)			2,757		2,564,202


	Principal Amount (000)			U.S. $ Value

Griffon Corp. 5.75%, 03/01/2028		U.S.$	1,264	$	1,201,357
JELD-WEN, Inc. 4.625%, 12/15/2025^(a)			1,036		955,714
LSB Industries, Inc. 6.25%, 10/15/2028^(a)			3,107		2,820,480
Madison IAQ LLC 5.875%, 06/30/2029^(a)			5,619		4,371,770
Renk AG/Frankfurt am Main 5.75%, 07/15/2025^(a)		EUR	7,486		7,117,776
SPX FLOW, Inc. 8.75%, 04/01/2030^{(a) (b)}		U.S.$	6,760		5,629,048
Tervita Corp. 11.00%, 12/01/2025^(a)			5,242		5,739,257
Titan Holdings II BV 5.125%, 07/15/2029^(a)		EUR	2,767		2,349,538
TransDigm, Inc. 4.625%, 01/15/2029		U.S.$	3,591		3,230,465
4.875%, 05/01/2029			5,750		5,146,899
8.00%, 12/15/2025^(a)			3,335		3,452,084
Triumph Group, Inc. 6.25%, 09/15/2024^(a)			1,892		1,813,101
7.75%, 08/15/2025^(b)			2,289		1,964,105
8.875%, 06/01/2024^(a)			3,221		3,359,880
Trivium Packaging Finance BV 3.75%, 08/15/2026^(a)		EUR	132		125,427
Wesco Distribution, Inc. 7.25%, 06/15/2028^(a)		U.S.$	2,462		2,567,636

					102,954,871


Communications - Media – 8.0%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028^(a)			7,124		6,484,064
Altice Financing SA 5.00%, 01/15/2028^(a)			4,496		3,873,436
5.75%, 08/15/2029^(a)			25,958		22,526,195
AMC Networks, Inc. 4.25%, 02/15/2029			4,017		3,566,351
Arches Buyer, Inc. 6.125%, 12/01/2028^{(a) (b)}			1,056		877,622
Banijay Entertainment SASU 3.50%, 03/01/2025^(a)		EUR	815		794,757
5.375%, 03/01/2025^(a)		U.S.$	6,993		6,665,766
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030^(a)			23,087		20,542,913
4.50%, 06/01/2033^(a)			13,557		11,410,653
4.75%, 03/01/2030^(a)			1,939		1,763,680
4.75%, 02/01/2032^(a)			25,422		22,443,798
Clear Channel Outdoor Holdings, Inc. 5.125%, 08/15/2027^(a)			583		541,249


	Principal Amount (000)			U.S. $ Value

CSC Holdings LLC 4.50%, 11/15/2031^(a)		U.S.$	6,832	$	5,811,702
5.00%, 11/15/2031^(a)			6,551		4,930,021
5.375%, 02/01/2028^(a)			4,139		3,930,381
5.75%, 01/15/2030^(a)			24,221		19,547,144
7.50%, 04/01/2028^(a)			2,326		2,133,216
DISH DBS Corp. 5.00%, 03/15/2023			1,148		1,129,946
5.125%, 06/01/2029			10,639		6,967,291
5.25%, 12/01/2026^(a)			9,108		7,803,793
5.75%, 12/01/2028^(a)			9,476		7,684,764
5.875%, 11/15/2024			1,199		1,109,255
7.375%, 07/01/2028			6,580		4,685,677
7.75%, 07/01/2026			3,040		2,510,533
DISH Network Corp. 3.375%, 08/15/2026^(j)			4,275		3,013,831
Gray Escrow II, Inc. 5.375%, 11/15/2031^(a) (b)			8,103		7,209,195
iHeartCommunications, Inc. 5.25%, 08/15/2027^(a)			2,620		2,396,349
6.375%, 05/01/2026			2,927		2,846,177
8.375%, 05/01/2027^(b)			1,375		1,229,533
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027^(a)			4,636		4,540,368
Liberty Interactive LLC 3.75%, 02/15/2030^(j)			2,208		1,000,755
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(a)			6,629		5,945,616
8.00%, 08/01/2029^(a)			2,114		1,775,760
National CineMedia LLC 5.875%, 04/15/2028^(a)			3,387		2,448,090
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 03/15/2030^(a)			403		342,314
Radiate Holdco LLC/Radiate Finance, Inc. 4.50%, 09/15/2026^(a)			998		923,619
Sinclair Television Group, Inc. 4.125%, 12/01/2030^(a)			8,939		7,666,631
5.50%, 03/01/2030^(a)			4,371		3,505,810
Sirius XM Radio, Inc. 4.00%, 07/15/2028^(a)			30,900		28,696,866
5.50%, 07/01/2029^(a)			110		108,037
TEGNA, Inc. 5.00%, 09/15/2029			803		785,662
Univision Communications, Inc. 4.50%, 05/01/2029^(a)			2,116		1,914,463
6.625%, 06/01/2027^(a)			1,134		1,140,853
7.375%, 06/30/2030^(a)			9,397		9,500,500
Urban One, Inc. 7.375%, 02/01/2028^(a)			12,257		10,360,785
Virgin Media Secured Finance PLC 5.50%, 05/15/2029^(a)			333		313,754


	Principal Amount (000)			U.S. $ Value

Ziggo Bond Co. BV 5.125%, 02/28/2030^(a)		U.S.$	4,106	$	3,489,025

					270,888,200


Communications - Telecommunications – 3.3%
Altice France SA/France 5.125%, 07/15/2029^(a)			17,362		14,584,028
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026^(a)			9,202		8,976,827
Consolidated Communications, Inc. 5.00%, 10/01/2028^(a)			987		777,923
6.50%, 10/01/2028^(a)			12,146		10,448,974
DKT Finance ApS 7.00%, 06/17/2023^(a)		EUR	3,874		3,719,414
9.375%, 06/17/2023^(a)		U.S.$	3,093		2,950,941
Embarq Corp. 7.995%, 06/01/2036			8,721		7,186,248
Frontier Communications Holdings LLC 8.75%, 05/15/2030^(a)			8,693		9,228,573
Iliad Holding SASU 6.50%, 10/15/2026^(a)			1,449		1,388,315
7.00%, 10/15/2028^(a)			1,668		1,596,302
Intelsat Jackson Holdings SA 5.50%, 08/01/2023^{(c) (e) (f)}			7,915		0
9.75%, 07/15/2025^{(c) (e) (f) (h)}			1,446		0
Kaixo Bondco Telecom SA 5.125%, 09/30/2029^(a)		EUR	3,977		3,520,923
Level 3 Financing, Inc. 3.75%, 07/15/2029^(a)		U.S.$	3,785		3,132,088
4.25%, 07/01/2028^(a)			4,459		3,906,905
4.625%, 09/15/2027^(a)			5,567		5,107,291
Lumen Technologies, Inc. Series Y 7.50%, 04/01/2024			262		268,653
Telecom Italia Capital SA 7.20%, 07/18/2036			5,713		4,689,090
7.721%, 06/04/2038			6,995		5,782,155
United Group BV 4.875% (EURIBOR 3 Month + 4.88%), 02/01/2029⁽ⁱ⁾		EUR	5,496		5,008,577
Vmed O2 UK Financing I PLC 4.75%, 07/15/2031^(a)		U.S.$	19,380		17,514,344
Zayo Group Holdings, Inc. 4.00%, 03/01/2027^(a)			804		704,210
6.125%, 03/01/2028^(a)			3,088		2,393,200

					112,884,981


Consumer Cyclical - Automotive – 3.2%
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025^(a)			5,401		5,539,681
15.00% (8.89% Cash and 6.11% PIK), 11/30/2026^{(a) (g)}			4,486		4,940,044


	Principal Amount (000)			U.S. $ Value

Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026^(a)		EUR	1,055	$	997,142
Dana, Inc. 4.25%, 09/01/2030		U.S.$	3,854		3,244,176
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028^(a)			8,346		7,507,919
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024^{(c) (e) (f) (h)}			18,493		0
(First Lien) 11.00%, 10/31/2024^{(c) (e) (f) (h)}			7,590		0
Ford Motor Co. 3.25%, 02/12/2032			9,212		7,685,317
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			388		352,965
4.95%, 05/28/2027^(b)			6,465		6,351,399
5.113%, 05/03/2029			1,800		1,738,054
5.125%, 06/16/2025			538		536,210
Goodyear Tire & Rubber Co. (The) 5.00%, 07/15/2029			1,697		1,546,646
5.25%, 07/15/2031			2,963		2,579,967
IHO Verwaltungs GmbH 4.75% (4.75% Cash or 5.50% PIK), 09/15/2026^{(a) (g)}			1,575		1,353,856
6.00% (6.00% Cash or 6.75% PIK), 05/15/2027^{(a) (g)}			7,018		6,245,068
Jaguar Land Rover Automotive PLC 5.50%, 07/15/2029^(a)			6,351		4,810,638
5.875%, 11/15/2024^(a)		EUR	667		645,395
5.875%, 01/15/2028^(a)		U.S.$	6,393		5,001,116
7.75%, 10/15/2025^(a)			6,597		6,195,689
Mclaren Finance PLC 7.50%, 08/01/2026^(a)			9,232		8,006,506
Meritor, Inc. 6.25%, 06/01/2025^(a)			1,349		1,388,776
PM General Purchaser LLC 9.50%, 10/01/2028^(a)			6,681		5,811,901
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029^(a)			2,302		1,865,320
Schaeffler AG 3.375%, 10/12/2028^(a)		EUR	100		90,258
Tenneco, Inc. 5.00%, 07/15/2026		U.S.$	2,571		2,523,752
7.875%, 01/15/2029^(a)			4,343		4,306,987
Titan International, Inc. 7.00%, 04/30/2028			7,168		6,887,388
ZF Europe Finance BV 2.00%, 02/23/2026^(a)		EUR	1,200		1,099,730
ZF Finance GmbH 2.25%, 05/03/2028^(a)			700		582,190


	Principal Amount (000)			U.S. $ Value

ZF North America Capital, Inc. 4.75%, 04/29/2025^(a)		U.S.$	9,312	$	8,868,217

					108,702,307


Consumer Cyclical - Entertainment – 3.0%
Carnival Corp. 4.00%, 08/01/2028^(a)			8,433		7,331,439
5.75%, 03/01/2027^(a)			6,463		5,105,770
7.625%, 03/01/2026^(a)		EUR	1,630		1,452,049
9.875%, 08/01/2027^(a)		U.S.$	5,639		5,822,267
10.125%, 02/01/2026^(a)		EUR	1,630		1,742,915
Carnival PLC 1.00%, 10/28/2029			737		429,142
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025^(a)		U.S.$	12,465		12,555,241
Cinemark USA, Inc. 5.25%, 07/15/2028^(a)			2,584		2,299,240
Lindblad Expeditions LLC 6.75%, 02/15/2027^(a)			1,512		1,388,780
Mattel, Inc. 3.75%, 04/01/2029^(a)			5,792		5,380,530
Motion Bondco DAC 4.50%, 11/15/2027^(a)		EUR	2,973		2,386,723
NCL Corp., Ltd. 5.875%, 03/15/2026^{(a) (b)}		U.S.$	9,466		7,756,436
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027^(a)			6,220		4,789,400
5.50%, 08/31/2026^(a)			5,098		4,092,165
5.50%, 04/01/2028^(a)			20,172		15,129,000
10.875%, 06/01/2023^(a)			3,534		3,604,680
11.50%, 06/01/2025^(a)			7,586		8,083,793
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025^(a)			613		630,250
Viking Cruises Ltd. 5.875%, 09/15/2027^(a)			4,065		3,311,949
7.00%, 02/15/2029^{(a) (b)}			5,016		4,077,380
13.00%, 05/15/2025^(a)			2,788		2,951,309
VOC Escrow Ltd. 5.00%, 02/15/2028^(a)			1,018		905,783

					101,226,241


Consumer Cyclical - Other – 2.7%
Adams Homes, Inc. 7.50%, 02/15/2025^(a)			4,216		3,702,097
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030^(a)			5,889		4,591,594
6.25%, 09/15/2027^(a)			7,295		6,561,311


	Principal Amount (000)			U.S. $ Value

Builders FirstSource, Inc. 6.375%, 06/15/2032^(a) (b)		U.S.$	6,873	$	6,788,500
Castle UK Finco PLC 4.829% (EURIBOR 3 Month + 5.25%), 05/15/2028⁽ⁱ⁾		EUR	2,233		1,903,831
7.00%, 05/15/2029		GBP	2,900		2,890,480
Churchill Downs, Inc. 4.75%, 01/15/2028^(a)		U.S.$	1,528		1,449,301
CP Atlas Buyer, Inc. 7.00%, 12/01/2028^(a)			1,842		1,449,872
Empire Communities Corp. 7.00%, 12/15/2025^(a)			1,563		1,364,111
Everi Holdings, Inc. 5.00%, 07/15/2029^(a)			140		127,398
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025^(a)			6,001		5,100,993
Forestar Group, Inc. 3.85%, 05/15/2026^(a)			2,881		2,548,882
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032^(a)			2,459		2,120,887
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031^(a)			907		761,503
5.00%, 06/01/2029^(a)			3,417		3,026,832
Installed Building Products, Inc. 5.75%, 02/01/2028^(a)			838		766,593
International Game Technology PLC 3.50%, 06/15/2026^(a)		EUR	1,026		999,718
Mattamy Group Corp. 4.625%, 03/01/2030^(a)		U.S.$	4,691		3,781,030
MGM Resorts International 5.50%, 04/15/2027			4,386		4,254,467
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.875%, 09/01/2031^(a)			2,350		1,842,716
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028^(a)			3,292		2,752,230
4.75%, 04/01/2029^(a)			4,530		3,690,276
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025^(a)			4,781		4,400,908
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028^(a)			1,782		1,726,166
5.875%, 06/15/2027^(a)			493		503,453
Travel + Leisure Co. 4.50%, 12/01/2029^(a)			3,509		3,023,691
4.625%, 03/01/2030^(a)			10,068		8,252,076
6.625%, 07/31/2026^(a)			3,533		3,590,366
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027^(a)			2,353		2,182,268


	Principal Amount (000)			U.S. $ Value

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029^(a)		U.S.$	7,185	$	6,269,755

					92,423,305


Consumer Cyclical - Restaurants – 0.8%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028^(a)			6,965		6,555,012
4.00%, 10/15/2030^(a)			8,721		7,610,678
4.375%, 01/15/2028^(a)			83		77,107
Stonegate Pub Co. Financing 2019 PLC 8.00%, 07/13/2025^(a)		GBP	963		1,110,293
8.25%, 07/31/2025^(a)			6,836		7,878,836
Yum! Brands, Inc. 4.625%, 01/31/2032		U.S.$	3,367		3,168,023

					26,399,949


Consumer Cyclical - Retailers – 3.5%
Arko Corp. 5.125%, 11/15/2029^(a)			4,612		3,876,334
Asbury Automotive Group, Inc. 4.625%, 11/15/2029^(a)			3,368		2,979,494
5.00%, 02/15/2032^(a)			1,444		1,262,883
Bath & Body Works, Inc. 5.25%, 02/01/2028			531		500,236
6.625%, 10/01/2030^(a)			3,212		3,109,930
6.75%, 07/01/2036			1,479		1,332,647
6.875%, 11/01/2035			9,394		8,628,465
7.50%, 06/15/2029			492		488,573
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027^{(a) (g)}			2,653		1,856,228
Carvana Co. 5.50%, 04/15/2027^(a)			1,469		967,054
5.875%, 10/01/2028^(a)			4,527		2,867,314
FirstCash, Inc. 5.625%, 01/01/2030^(a)			9,711		9,124,592
Foundation Building Materials, Inc. 6.00%, 03/01/2029^(a)			1,246		956,131
Gap, Inc. (The) 3.625%, 10/01/2029^(a)			11,662		8,545,230
3.875%, 10/01/2031^(a)			2,335		1,692,513
Kontoor Brands, Inc. 4.125%, 11/15/2029^(a)			3,885		3,294,258
LBM Acquisition LLC 6.25%, 01/15/2029^(a)			303		228,744
Levi Strauss & Co. 3.50%, 03/01/2031^(a) (b)			2,970		2,693,569
Michaels Cos, Inc. (The) 5.25%, 05/01/2028^(a)			7,693		6,403,921
7.875%, 05/01/2029^(a)			6,100		4,208,931


	Principal Amount (000)		U.S. $ Value

NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026^(a)	U.S.$	6,621	$	6,476,090
PetSmart, Inc./PetSmart Finance Corp. 7.75%, 02/15/2029^(a)		4,311		4,155,859
Rite Aid Corp. 7.50%, 07/01/2025^(a)		4,738		4,128,643
Sonic Automotive, Inc. 4.625%, 11/15/2029^(a)		5,847		5,053,489
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026^(a)		4,261		3,792,743
SRS Distribution, Inc. 6.125%, 07/01/2029^(a)		1,110		997,306
Staples, Inc. 7.50%, 04/15/2026^(a)		12,372		10,950,319
10.75%, 04/15/2027^(a)		6,383		4,766,211
TPro Acquisition Corp. 11.00%, 10/15/2024^(a)		3,220		3,214,491
White Cap Buyer LLC 6.875%, 10/15/2028^(a) (b)		4,257		3,600,379
William Carter Co. (The) 5.625%, 03/15/2027^(a)		1,991		1,975,627
Wolverine World Wide, Inc. 4.00%, 08/15/2029^(a) (b)		5,859		5,106,009

				119,234,213


Consumer Non-Cyclical – 6.2%
180 Medical, Inc. 3.875%, 10/15/2029^(a)		4,968		4,522,613
AdaptHealth LLC 4.625%, 08/01/2029^(a)		5,234		4,666,957
6.125%, 08/01/2028^(a)		1,532		1,464,213
AHP Health Partners, Inc. 5.75%, 07/15/2029^(a)		4,713		3,514,257
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027^(a)		3,290		3,122,743
4.875%, 02/15/2030^(a)		2,263		2,069,915
5.875%, 02/15/2028^(a)		1,997		1,944,508
7.50%, 03/15/2026^(a)		333		344,837
Bausch Health Cos., Inc. 4.875%, 06/01/2028^(a)		10,910		8,714,490
5.00%, 02/15/2029^(a)		6,076		3,095,724
6.25%, 02/15/2029^(a)		4,938		2,632,189
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031^(a)		1,291		1,039,977
5.625%, 03/15/2027^(a)		697		619,453
6.125%, 04/01/2030^(a)		17,171		9,229,739
6.875%, 04/01/2028^{(a) (b)}		2,898		1,570,570
6.875%, 04/15/2029^(a)		11,480		6,382,126
8.00%, 03/15/2026^(a)		2,265		2,162,533


	Principal Amount (000)			U.S. $ Value

Cidron Aida Finco SARL 5.00%, 04/01/2028^(a)		EUR	949	$	856,594
DaVita, Inc. 3.75%, 02/15/2031^(a)		U.S.$	1,823		1,394,646
4.625%, 06/01/2030^(a)			13,846		11,388,726
Embecta Corp. 5.00%, 02/15/2030^(a)			1,709		1,474,764
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(a)			7,410		5,626,071
Garden Spinco Corp. 8.625%, 07/20/2030^(a)			3,395		3,563,914
Global Medical Response, Inc. 6.50%, 10/01/2025^(a)			2,750		2,546,315
Grifols Escrow Issuer SA 3.875%, 10/15/2028^(a)		EUR	6,477		5,772,321
Gruenenthal GmbH 4.125%, 05/15/2028^(a)			738		681,593
IQVIA, Inc. 2.25%, 03/15/2029^(a)			3,948		3,519,855
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027^{(a) (b)}		U.S.$	10,638		8,121,370
Lamb Weston Holdings, Inc. 4.125%, 01/31/2030^(a)			5,418		5,063,862
4.375%, 01/31/2032^(a)			5,802		5,482,610
Legacy LifePoint Health LLC 6.75%, 04/15/2025^(a)			333		333,199
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 10.00%, 06/15/2029^(a)			636		387,960
Medline Borrower LP 3.875%, 04/01/2029^(a)			6,982		6,303,678
ModivCare Escrow Issuer, Inc. 5.00%, 10/01/2029^(a)			643		588,515
ModivCare, Inc. 5.875%, 11/15/2025^(a)			249		243,119
Mozart Debt Merger Sub, Inc. 5.25%, 10/01/2029^(a) (b)			14,103		12,741,940
Option Care Health, Inc. 4.375%, 10/31/2029^(a)			349		319,417
Paysafe Finance PLC/Paysafe Holdings US Corp. 4.00%, 06/15/2029^(a)			5,267		4,022,671
Performance Food Group, Inc. 4.25%, 08/01/2029^(a)			5,952		5,289,109
Post Holdings, Inc. 4.50%, 09/15/2031^(a)			7,969		7,126,236
4.625%, 04/15/2030^(a)			6,624		5,929,334
5.50%, 12/15/2029^(a)			5,372		5,075,390
Primo Water Holdings, Inc. 4.375%, 04/30/2029^(a)			7,622		6,590,717


	Principal Amount (000)		U.S. $ Value

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026^(a)	U.S.$	11,464	$	10,777,967
RP Escrow Issuer LLC 5.25%, 12/15/2025^(a)		3,960		3,567,272
Spectrum Brands, Inc. 3.875%, 03/15/2031^(a)		3,322		2,735,266
Tenet Healthcare Corp. 6.125%, 10/01/2028^(a)		8,609		8,388,981
6.125%, 06/15/2030^(a)		4,026		4,069,956
Triton Water Holdings, Inc. 6.25%, 04/01/2029^(a)		5,317		4,022,014
US Acute Care Solutions LLC 6.375%, 03/01/2026^(a)		5,918		5,501,903
US Foods, Inc. 4.75%, 02/15/2029^(a)		1,424		1,336,587
US Renal Care, Inc. 10.625%, 07/15/2027^(a)		1,739		799,750

				208,740,466


Energy – 5.9%
Athabasca Oil Corp. 9.75%, 11/01/2026^(a)		3,830		3,897,025
Berry Petroleum Co. LLC 7.00%, 02/15/2026^(a)		1,645		1,550,102
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, 12/15/2025^(a)		2,450		2,442,797
Callon Petroleum Co. 8.25%, 07/15/2025		253		253,042
Cheniere Energy Partners LP 4.50%, 10/01/2029		2,089		2,002,305
Citgo Holding, Inc. 9.25%, 08/01/2024^{(a) (b)}		2,595		2,581,657
CITGO Petroleum Corp. 6.375%, 06/15/2026^(a)		2,387		2,286,551
7.00%, 06/15/2025^(a)		9,430		9,290,132
Civitas Resources, Inc. 5.00%, 10/15/2026^(a)		3,111		2,927,022
CNX Resources Corp. 6.00%, 01/15/2029^(a)		1,281		1,245,314
7.25%, 03/14/2027^(a)		876		886,914
Comstock Resources, Inc. 6.75%, 03/01/2029^(a)		2,289		2,265,836
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.50%, 06/15/2031^(a)		1,684		1,595,178
Crescent Energy Finance LLC 7.25%, 05/01/2026^(a)		4,001		3,727,562
Diamond Foreign Asset Co./Diamond Finance LLC 13.00% (9.00% Cash or 13.00% PIK), 04/22/2027^{(a) (g)}		568		565,810
13.00% (9.00% Cash or 13.00% PIK), 04/22/2027^(g)		494		477,736


	Principal Amount (000)		U.S. $ Value

Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028^(a)	U.S.$	7,948	$	7,785,336
EnLink Midstream LLC 5.625%, 01/15/2028^(a)		712		692,420
EnLink Midstream Partners LP 4.15%, 06/01/2025		8,682		8,535,667
4.40%, 04/01/2024		333		333,328
Series C 6.00%, 12/15/2022^(k)		12,323		8,545,359
EQM Midstream Partners LP 4.50%, 01/15/2029^(a)		3,683		3,296,336
4.75%, 01/15/2031^(a)		1,913		1,732,667
Genesis Energy LP/Genesis Energy Finance Corp. 6.25%, 05/15/2026		2,898		2,694,386
7.75%, 02/01/2028		8,431		7,742,457
8.00%, 01/15/2027		4,214		4,127,877
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029		2,289		2,084,395
7.00%, 08/01/2027		2,652		2,445,762
Gulfport Energy Corp. 6.00%, 10/15/2024^(c)		2,508		251
6.375%, 05/15/2025^(c)		9,574		957
6.375%, 01/15/2026^(c)		9,247		925
6.625%, 05/01/2023^(c)		619		62
8.00%, 05/17/2026^(a)		6,537		6,562,497
Harbour Energy PLC 5.50%, 10/15/2026^(a)		3,674		3,320,064
Hess Midstream Operations LP 4.25%, 02/15/2030^(a)		499		443,249
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(a)		1,024		931,004
6.00%, 02/01/2031^(a)		1,461		1,337,613
Ithaca Energy North Sea PLC 9.00%, 07/15/2026^(a)		7,843		7,502,918
ITT Holdings LLC 6.50%, 08/01/2029^(a)		10,821		9,311,786
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/2026^(a)		7,076		6,452,350
Nabors Industries Ltd. 7.25%, 01/15/2026^(a)		1,898		1,725,905
7.50%, 01/15/2028^(a)		7,663		6,655,699
Nabors Industries, Inc. 7.375%, 05/15/2027^(a)		1,855		1,843,715
New Fortress Energy, Inc. 6.75%, 09/15/2025^(a)		8,081		7,890,966
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026^(a)		8,369		7,640,398


	Principal Amount (000)			U.S. $ Value

Occidental Petroleum Corp. 5.875%, 09/01/2025		U.S.$	1,346	$	1,386,287
6.125%, 01/01/2031			736		788,452
8.875%, 07/15/2030			558		669,784
PDC Energy, Inc. 5.75%, 05/15/2026			6,047		5,884,112
6.125%, 09/15/2024			3,611		3,605,625
Southwestern Energy Co. 5.375%, 02/01/2029			1,481		1,447,812
8.375%, 09/15/2028			343		368,549
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 8.50%, 10/15/2026^(a)			4,596		4,351,431
Sunnova Energy Corp. 5.875%, 09/01/2026^(a) (b)			3,054		2,870,112
Sunoco LP/Sunoco Finance Corp. 5.875%, 03/15/2028			1,917		1,835,488
Talos Production, Inc. 12.00%, 01/15/2026			7,783		8,311,144
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024^(a)			3,781		3,667,961
Transocean Pontus Ltd. 6.125%, 08/01/2025^(a)			985		920,950
Transocean Poseidon Ltd. 6.875%, 02/01/2027^(a)			1,798		1,650,060
Transocean, Inc. 7.25%, 11/01/2025^(a)			2,072		1,490,674
7.50%, 01/15/2026^(a)			4,613		3,149,913
11.50%, 01/30/2027^(a)			2,001		1,896,051
W&T Offshore, Inc. 9.75%, 11/01/2023^(a)			4,208		4,060,685

					197,986,422


Other Industrial – 0.1%
Avient Corp. 7.125%, 08/01/2030^(a)			2,187		2,258,042
Interface, Inc. 5.50%, 12/01/2028^(a)			1,364		1,221,899

					3,479,941


Services – 3.8%
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029^(a)			1,397		1,085,692
6.625%, 07/15/2026^(a)			1,699		1,647,859
9.75%, 07/15/2027^(a)			7,999		7,324,770
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028^(a)		EUR	1,105		932,432
4.625%, 06/01/2028^(a)		U.S.$	4,924		4,234,296
4.875%, 06/01/2028^(a)		GBP	3,580		3,578,385
ANGI Group LLC 3.875%, 08/15/2028^(a)		U.S.$	15,170		12,391,206
Aptim Corp. 7.75%, 06/15/2025^{(a) (b)}			11,051		7,732,076


	Principal Amount (000)			U.S. $ Value

APX Group, Inc. 5.75%, 07/15/2029^{(a) (b)}		U.S.$	11,447	$	9,619,560
6.75%, 02/15/2027^(a)			2,701		2,679,099
Block, Inc. 2.75%, 06/01/2026			7,220		6,740,216
3.50%, 06/01/2031			7,394		6,415,419
Cars.com, Inc. 6.375%, 11/01/2028^(a)			4,403		3,795,113
Elis SA 1.625%, 04/03/2028^(a)		EUR	900		795,561
Garda World Security Corp. 4.625%, 02/15/2027^(a)		U.S.$	500		451,999
9.50%, 11/01/2027^(a)			495		475,064
ION Trading Technologies SARL 5.75%, 05/15/2028^(a)			5,678		4,602,687
Korn Ferry 4.625%, 12/15/2027^(a)			2,404		2,260,722
Millennium Escrow Corp. 6.625%, 08/01/2026^(a)			8,204		6,464,125
MoneyGram International, Inc. 5.375%, 08/01/2026^(a)			4,855		4,787,730
Monitronics International, Inc. 0.00%, 04/01/2020^{(c) (e) (f)}			6,914		0
MPH Acquisition Holdings LLC 5.50%, 09/01/2028^(a)			4,164		3,875,305
5.75%, 11/01/2028^{(a) (b)}			17,454		14,858,488
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.25%, 04/15/2024^(a)			135		135,714
6.25%, 01/15/2028^(a)			13,331		12,209,209
Sabre GLBL, Inc. 7.375%, 09/01/2025^(a)			1,580		1,566,678
9.25%, 04/15/2025^(a)			673		684,602
Service Corp. International/US 3.375%, 08/15/2030			589		523,586
Verisure Midholding AB 5.25%, 02/15/2029^(a)		EUR	4,130		3,541,217
WASH Multifamily Acquisition, Inc. 5.75%, 04/15/2026^(a)		U.S.$	1,265		1,261,283

					126,670,093


Technology – 3.1%
Ahead DB Holdings LLC 6.625%, 05/01/2028^(a)			3,518		3,255,350
Avaya, Inc. 6.125%, 09/15/2028^(a)			10,982		5,192,817
Cablevision Lightpath LLC 5.625%, 09/15/2028^(a)			4,374		3,522,486
Clarivate Science Holdings Corp. 4.875%, 07/01/2029^(a)			723		639,892
CommScope, Inc. 4.75%, 09/01/2029^(a)			7,430		6,455,517


	Principal Amount (000)			U.S. $ Value

CWT Travel Group, Inc. 8.50%, 11/19/2026^(a)		U.S.$	4,184	$	3,865,099
Entegris Escrow Corp. 5.95%, 06/15/2030^(a)			4,475		4,435,615
Imola Merger Corp. 4.75%, 05/15/2029^(a)			4,868		4,552,012
Minerva Merger Sub, Inc. 6.50%, 02/15/2030^(a)			7,398		6,696,395
NCR Corp. 5.125%, 04/15/2029^(a)			12,758		12,261,635
5.75%, 09/01/2027^(a)			1,558		1,520,972
6.125%, 09/01/2029^(a)			1,207		1,177,753
Pitney Bowes, Inc. 6.875%, 03/15/2027^(a)			2,627		2,143,506
Playtech PLC 4.25%, 03/07/2026^(a)		EUR	776		756,620
Playtika Holding Corp. 4.25%, 03/15/2029^(a)		U.S.$	3,044		2,724,149
Presidio Holdings, Inc. 8.25%, 02/01/2028^(a)			9,310		8,750,480
Rackspace Technology Global, Inc. 3.50%, 02/15/2028^(a)			14,232		11,775,311
Sensata Technologies BV 4.00%, 04/15/2029^(a)			5,327		4,825,955
Sensata Technologies, Inc. 3.75%, 02/15/2031^(a)			530		460,415
TTM Technologies, Inc. 4.00%, 03/01/2029^(a)			1,341		1,173,344
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025^(a)			17,204		14,578,974
Virtusa Corp. 7.125%, 12/15/2028^(a)			3,521		2,798,720

					103,563,017


Transportation - Airlines – 0.9%
Air Canada 3.875%, 08/15/2026^(a)			394		362,492
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026^(a)			5,556		5,479,780
5.75%, 04/20/2029^(a)			15,053		14,414,400
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026^(a)			3,603		3,508,987
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025^(a)			1,104		1,150,175
United Airlines, Inc. 4.625%, 04/15/2029^(a)			4,652		4,287,724

					29,203,558


	Principal Amount (000)			U.S. $ Value

Transportation - Services – 0.7%
AerCap Global Aviation Trust 6.50%, 06/15/2045^(a)		U.S.$	2,629	$	2,474,795
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.25%, 10/15/2026^(a)		EUR	2,713		2,441,368
6.125%, 10/15/2026^(a)		U.S.$	2,243		1,963,301
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375%, 03/01/2029^{(a) (b)}			1,387		1,264,007
5.75%, 07/15/2027^(a)			1,477		1,410,889
BCP V Modular Services 6.75%, 11/30/2029		EUR	5,428		4,131,968
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028^(a)			538		459,816
EC Finance PLC 3.00%, 10/15/2026			1,905		1,790,817
Hertz Corp. (The) 5.00%, 12/01/2029^(a)		U.S.$	402		344,231
Loxam SAS 2.875%, 04/15/2026^(a)		EUR	934		858,661
PROG Holdings, Inc. 6.00%, 11/15/2029^(a)		U.S.$	6,240		5,179,904

					22,319,757

					1,746,629,725


Financial Institutions – 6.2%
Banking – 1.8%
Ally Financial, Inc. Series B 4.70%, 05/15/2026^(k)			14,614		12,294,188
Series C 4.70%, 05/15/2028^(k)			993		783,419
Bread Financial Holdings, Inc. 4.75%, 12/15/2024^(a)			6,719		6,188,431
7.00%, 01/15/2026^(a)			3,175		2,989,540
Credit Suisse Group AG 6.25%, 12/18/2024^(a) (k)			7,786		7,516,531
6.375%, 08/21/2026^{(a) (k)}			8,766		7,408,989
Discover Financial Services Series D 6.125%, 06/23/2025^(k)			19,736		20,377,233
Intesa Sanpaolo SpA 5.017%, 06/26/2024^(a)			3,198		3,076,680
5.71%, 01/15/2026^(a)			860		840,063

					61,475,074


Brokerage – 0.6%
Advisor Group Holdings, Inc. 10.75%, 08/01/2027^(a)			6,141		6,217,277
AG Issuer LLC 6.25%, 03/01/2028^(a)			3,354		3,022,760


	Principal Amount (000)			U.S. $ Value

NFP Corp. 6.875%, 08/15/2028^(a)		U.S.$	13,298	$	11,662,381

					20,902,418


Finance – 1.3%
Air Lease Corp. Series B 4.65%, 06/15/2026^(k)			5,818		5,111,228
Aircastle Ltd. 5.25%, 06/15/2026^{(a) (k)}			2,836		2,250,613
Castlelake Aviation Finance DAC 5.00%, 04/15/2027^(a)			4,612		3,869,988
CNG Holdings, Inc. 12.50%, 06/15/2024^(a)			4,791		4,415,646
Curo Group Holdings Corp. 7.50%, 08/01/2028^(a)			13,768		9,400,158
Enova International, Inc. 8.50%, 09/01/2024^(a)			2,537		2,410,606
8.50%, 09/15/2025^(a)			6,750		6,276,086
goeasy Ltd. 4.375%, 05/01/2026^(a)			734		631,609
ILFC E-Capital Trust II 5.10% (LIBOR 3 Month + 1.80%), 12/21/2065^(a)			1,500		1,147,500
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(a)			3,418		2,863,075
Navient Corp. 4.875%, 03/15/2028			5,136		4,407,082
5.625%, 08/01/2033			1,834		1,447,705
6.75%, 06/25/2025			265		258,761

					44,490,057


Insurance – 0.7%
Acrisure LLC/Acrisure Finance, Inc. 10.125%, 08/01/2026^(a)			3,473		3,519,579
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK), 01/15/2027^{(a) (b) (g)}			11,171		11,118,993
AssuredPartners, Inc. 5.625%, 01/15/2029^(a)			8,002		7,119,350

					21,757,922


Other Finance – 0.6%
Altice France Holding SA 10.50%, 05/15/2027^(a)			4,599		4,256,725
Armor Holdco, Inc. 8.50%, 11/15/2029^(a)			8,586		6,993,948
Coinbase Global, Inc. 3.375%, 10/01/2028^(a)			5,564		3,602,460
3.625%, 10/01/2031^(a)			2,379		1,414,142


	Principal Amount (000)			U.S. $ Value

Intrum AB 4.875%, 08/15/2025		EUR	4,189	$	4,026,099

					20,293,374


REITs – 1.2%
ADLER Group SA 2.75%, 11/13/2026^(a)			1,200		660,391
Aedas Homes Opco SLU 4.00%, 08/15/2026			8,929		7,933,345
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027^(a)		U.S.$	8,411		7,391,140
5.75%, 05/15/2026^(a)			2,813		2,742,470
Diversified Healthcare Trust 9.75%, 06/15/2025			2,820		2,812,316
Iron Mountain, Inc. 5.25%, 03/15/2028^(a)			1,551		1,488,960
Neinor Homes SA 4.50%, 10/15/2026^(a)		EUR	5,519		4,756,168
Via Celere Desarrollos 5.25%, 04/01/2026			5,665		5,145,688
Vivion Investments SARL 3.00%, 08/08/2024^(a) (b)			4,600		4,284,479
3.50%, 11/01/2025^(a)			2,400		2,175,532

					39,390,489

					208,309,334


Utility – 0.6%
Electric – 0.5%
Calpine Corp. 3.75%, 03/01/2031^(a)		U.S.$	7,240		6,435,419
5.125%, 03/15/2028^(a)			1,557		1,463,752
ContourGlobal Power Holdings SA 3.125%, 01/01/2028^(a)		EUR	813		659,597
Vistra Corp. 7.00%, 12/15/2026^{(a) (b) (k)}		U.S.$	3,713		3,395,472
8.00%, 10/15/2026^{(a) (k)}			4,495		4,353,629
Vistra Operations Co. LLC 4.375%, 05/01/2029^(a)			1,466		1,352,488

					17,660,357


Other Utility – 0.1%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026^(a)			4,331		4,202,465

					21,862,822


Total Corporates - Non-Investment Grade (cost $2,252,903,248)					1,976,801,881


	Principal Amount (000)			U.S. $ Value

CORPORATES - INVESTMENT GRADE – 11.6%
Industrial – 6.3%
Basic – 1.0%
ArcelorMittal SA 6.75%, 03/01/2041		U.S.$	4,782	$	4,819,481
7.00%, 10/15/2039			1,241		1,283,005
Arconic Corp. 6.00%, 05/15/2025^(a)			3,466		3,498,552
Braskem Netherlands Finance BV 4.50%, 01/31/2030^(a)			8,224		7,473,560
Celanese US Holdings LLC 5.90%, 07/05/2024			2,405		2,423,089
6.05%, 03/15/2025			2,405		2,426,020
Freeport Indonesia PT 4.763%, 04/14/2027^(a)			696		675,990
Freeport-McMoRan, Inc. 5.40%, 11/14/2034			33		32,993
5.45%, 03/15/2043			5,095		4,770,578
INEOS Finance PLC 2.875%, 05/01/2026^(a)		EUR	835		787,636
Nexa Resources SA 6.50%, 01/18/2028^(a)		U.S.$	5,519		5,351,016

					33,541,920


Capital Goods – 0.4%
General Electric Co. Series D 5.159% (LIBOR 3 Month + 3.33%), 09/15/2022^{(i) (k)}			12,108		11,368,848
Howmet Aerospace, Inc. 5.90%, 02/01/2027			805		837,186
Textron Financial Corp. 3.146% (LIBOR 3 Month + 1.74%), 02/15/2042^{(a) (i)}			125		95,733

					12,301,767


Communications - Media – 0.5%
Directv Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(a)			7,816		7,302,338
Magallanes, Inc. 3.755%, 03/15/2027^(a)			3,059		2,940,528
4.054%, 03/15/2029^(a)			736		700,517
4.279%, 03/15/2032^{(a) (b)}			4,249		3,964,291
Prosus NV 4.027%, 08/03/2050^(a)			1,341		913,808

					15,821,482


Communications - Telecommunications – 0.9%
Sprint Capital Corp. 8.75%, 03/15/2032			3,300		4,268,831
Sprint Corp. 7.625%, 03/01/2026			137		150,245


	Principal Amount (000)			U.S. $ Value

T-Mobile USA, Inc. 2.625%, 02/15/2029		U.S.$	5,005	$	4,477,564
3.375%, 04/15/2029			9,331		8,717,734
3.50%, 04/15/2031			15,230		14,081,992

					31,696,366


Consumer Cyclical - Other – 0.5%
MDC Holdings, Inc. 6.00%, 01/15/2043			9,963		8,527,057
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/06/2031^(a)			5,800		4,616,554
Sands China Ltd. 3.25%, 08/08/2031^(a)			675		511,312
4.875%, 06/18/2030			2,225		1,885,687
5.40%, 08/08/2028			1,104		994,914

					16,535,524


Consumer Cyclical - Retailers – 0.2%
Macy’s Retail Holdings LLC 5.875%, 03/15/2030^(a)			4,253		3,654,095
5.875%, 04/01/2029^(a)			1,195		1,050,219
6.125%, 03/15/2032^(a)			2,121		1,792,902

					6,497,216


Consumer Non-Cyclical – 0.6%
BBFI Liquidating Trust 0.00%, 12/30/2099^{(e) (f) (h) (k)}			2,174		1,299,819
Charles River Laboratories International, Inc. 3.75%, 03/15/2029^(a)			3,048		2,823,523
4.00%, 03/15/2031^(a)			5,304		4,885,988
Newell Brands, Inc. 4.45%, 04/01/2026			3,038		3,000,985
4.875%, 06/01/2025			748		752,829
5.75%, 04/01/2046			1,969		1,685,738
Pilgrim’s Pride Corp. 3.50%, 03/01/2032^(a)			5,244		4,426,600

					18,875,482


Energy – 1.0%
Apache Corp. 5.10%, 09/01/2040			1,548		1,380,440
Cenovus Energy, Inc. 6.75%, 11/15/2039			706		784,391
Continental Resources, Inc./OK 5.75%, 01/15/2031^(a)			1,103		1,085,276
Ecopetrol SA 4.625%, 11/02/2031			2,197		1,796,048
5.875%, 11/02/2051			5,917		4,304,617
Energy Transfer LP 4.40%, 03/15/2027			7,547		7,477,892
4.95%, 05/15/2028			1,214		1,215,005
Hunt Oil Co. of Peru LLC Sucursal Del Peru 6.375%, 06/01/2028^(a)			227		207,546


	Principal Amount (000)			U.S. $ Value

Oleoducto Central SA 4.00%, 07/14/2027^(a)		U.S.$	610	$	516,899
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.00%, 01/15/2032			7,821		6,986,521
TransCanada PipeLines Ltd. 3.621% (LIBOR 3 Month + 2.21%), 05/15/2067⁽ⁱ⁾			2,500		1,902,975
Western Midstream Operating LP 3.95%, 06/01/2025^(b)			1,219		1,206,776
4.50%, 03/01/2028			1,652		1,608,518
4.55%, 02/01/2030			2,516		2,339,318
4.75%, 08/15/2028			1,563		1,530,167
5.45%, 04/01/2044			916		819,417

					35,161,806


Technology – 0.5%
Broadcom, Inc. 4.00%, 04/15/2029^(a)			1,006		965,304
4.15%, 04/15/2032^(a)			4,859		4,580,022
4.75%, 04/15/2029			407		410,833
Dell International LLC/EMC Corp. 8.35%, 07/15/2046			690		883,524
HP, Inc. 5.50%, 01/15/2033			5,346		5,382,658
Microchip Technology, Inc. 4.25%, 09/01/2025			3,341		3,324,531

					15,546,872


Transportation - Airlines – 0.7%
Delta Air Lines, Inc. 7.00%, 05/01/2025^(a)			7,534		7,890,846
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028^(a)			2,971		2,889,298
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027^(a)			14,434		14,582,325

					25,362,469

					211,340,904


Financial Institutions – 5.3%
Banking – 2.6%
Banco Santander SA 4.175%, 03/24/2028			3,000		2,896,271
Bank of America Corp. Series AA 6.10%, 03/17/2025^(k)			1,000		1,008,600
Series B 8.05%, 06/15/2027			11,735		13,079,765
Series Z 6.50%, 10/23/2024^(k)			4,009		4,124,712
Barclays PLC 7.25%, 03/15/2023^{(a) (k)}		GBP	3,808		4,667,791


	Principal Amount (000)			U.S. $ Value

Citigroup, Inc. 5.95%, 01/30/2023^(k)		U.S.$	14,778	$	14,713,338
Credit Agricole SA 8.125%, 12/23/2025^(a) (k)			1,767		1,881,855
8.125%, 03/23/2171^(k)			4,862		5,179,942
Dresdner Funding Trust I 8.151%, 06/30/2031^(a)			816		894,236
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/2022^(k)			13,633		12,349,849
HSBC Holdings PLC 4.762%, 03/29/2033			3,458		3,267,166
6.375%, 03/30/2025^(k)			1,451		1,465,510
Lloyds Banking Group PLC 3.369%, 12/14/2046			7,344		5,329,551
Regions Bank/Birmingham AL 6.45%, 06/26/2037			5,300		6,195,108
Standard Chartered PLC 4.316% (LIBOR 3 Month + 1.51%), 01/30/2027^{(a) (i) (k)}			3,500		2,804,949
7.75%, 04/02/2023^(a) (k)			1,988		2,040,433
Swedbank AB Series NC5 5.625%, 09/17/2024^(a) (k)			400		398,127
UBS Group AG 7.00%, 02/19/2025^(a) (k)			6,302		6,565,265

					88,862,468


Finance – 0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.30%, 01/30/2032			4,899		4,101,835
Aircastle Ltd. 2.85%, 01/26/2028^(a)			1,274		1,067,172
4.25%, 06/15/2026			162		151,875
5.25%, 08/11/2025^(a) (b)			11,719		11,452,129
Aviation Capital Group LLC 4.125%, 08/01/2025^(a)			2,077		1,974,388
4.875%, 10/01/2025^(a)			1,585		1,541,845
Huarong Finance 2017 Co., Ltd. 4.75%, 04/27/2027^(a)			751		639,899
Huarong Finance 2019 Co., Ltd. 3.25%, 11/13/2024^(a)			708		632,908
3.75%, 05/29/2024^(a)			412		377,572
Huarong Finance II Co., Ltd. 4.625%, 06/03/2026^(a)			1,899		1,650,112
4.875%, 11/22/2026^(a)			1,016		879,030
5.50%, 01/16/2025^(a)			4,811		4,384,926

					28,853,691


Insurance – 1.4%
Centene Corp. 2.625%, 08/01/2031			12,222		10,468,699


	Principal Amount (000)			U.S. $ Value

Liberty Mutual Group, Inc. 7.80%, 03/15/2037^(a)		U.S.$	12,697	$	14,689,258
MetLife Capital Trust IV 7.875%, 12/15/2037^(a)			9,269		10,103,479
MetLife, Inc. 10.75%, 08/01/2039			1,745		2,371,989
Nationwide Mutual Insurance Co. 4.119% (LIBOR 3 Month + 2.29%), 12/15/2024^(a) (i)			5,000		4,990,413
Prudential Financial, Inc. 5.625%, 06/15/2043			4,922		4,905,206

					47,529,044


REITs – 0.4%
Country Garden Holdings Co., Ltd. 3.125%, 10/22/2025^(a)			400		138,000
Office Properties Income Trust 3.45%, 10/15/2031			7,024		5,006,402
VICI Properties LP/VICI Note Co., Inc. 4.625%, 06/15/2025^(a)			1,279		1,247,415
5.625%, 05/01/2024^(a)			2,333		2,334,440
5.75%, 02/01/2027^(a)			4,572		4,558,796

					13,285,053

					178,530,256


Total Corporates - Investment Grade (cost $401,038,567)					389,871,160


BANK LOANS – 6.5%
Industrial – 5.9%
Capital Goods – 0.8%
ACProducts Holdings, Inc. 5.916% (LIBOR 3 Month + 4.25%), 05/17/2028^(l)			7,787		5,523,657
6.50% (LIBOR 3 Month + 4.25%), 05/17/2028^(l)			2,596		1,841,219
Apex Tool Group, LLC 7.174% (SOFR 1 Month + 5.25%), 02/08/2029^(l)			12,459		10,876,257
Granite US Holdings Corporation 6.313% (LIBOR 3 Month + 4.00%), 09/30/2026^(e) (l)			8,246		7,946,753

					26,187,886


Communications - Media – 0.2%
Advantage Sales & Marketing, Inc. 6.166% (LIBOR 1 Month + 4.50%), 10/28/2027^(l)			9,358		8,796,050


	Principal Amount (000)			U.S. $ Value

Communications - Telecommunications – 1.2%
Crown Subsea Communications Holding, Inc. 6.463% (LIBOR 1 Month + 4.75%), 04/27/2027^(e) (l)		U.S.$	7,268	$	6,905,003
DIRECTV Financing, LLC 7.372% (LIBOR 1 Month + 5.00%), 08/02/2027^(l)			2,881		2,714,533
Intrado Corporation 6.372% (LIBOR 1 Month + 4.00%), 10/10/2024^(l)			7,177		5,958,216
Proofpoint, Inc. 7.825% (LIBOR 3 Month + 6.25%), 08/31/2029^(l)			12,450		11,967,562
Zacapa SARL 6.304% (SOFR 3 Month + 4.25%), 03/22/2029^(l)			12,690		12,063,337

					39,608,651


Consumer Cyclical - Automotive – 0.1%
Clarios Global LP 5.622% (LIBOR 1 Month + 3.25%), 04/30/2026^(l)			2,493		2,394,975


Consumer Cyclical - Other – 0.3%
Caesars Resort Collection, LLC 5.122% (LIBOR 1 Month + 2.75%), 12/23/2024^(l)			10,169		9,927,353


Consumer Cyclical - Retailers – 0.3%
PetSmart, LLC 6.12% (LIBOR 1 Month + 3.75%), 02/11/2028^(l)			5,779		5,559,951
Restoration Hardware, Inc. 5.677% (SOFR 1 Month + 3.25%), 10/20/2028^(l)			4,510		4,100,356

					9,660,307


Consumer Non-Cyclical – 0.9%
Gainwell Acquisition Corp. 6.25% (LIBOR 3 Month + 4.00%), 10/01/2027^(l)			6,865		6,648,021
Global Medical Response, Inc. 6.622% (LIBOR 1 Month + 4.25%), 03/14/2025^(l)			5,166		4,926,162
Kronos Acquisition Holdings, Inc. 6.122% (LIBOR 1 Month + 3.75%), 12/22/2026^(l)			4,639		4,331,993
Mallinckrodt International Finance S.A. 7.253% (LIBOR 3 Month + 5.25%), 09/30/2027^(l)			4,698		3,887,831
Padagis, LLC 7.043% (LIBOR 3 Month + 4.75%), 07/06/2028^(e) (l)			1,995		1,885,553


	Principal Amount (000)			U.S. $ Value

US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) 7.563% (LIBOR 3 Month + 5.25%), 12/15/2027^(l)		U.S.$	10,912	$	10,213,903

					31,893,463


Energy – 0.6%
CITGO Petroleum Corporation 8.622% (LIBOR 1 Month + 6.25%), 03/28/2024^(l)			2,775		2,745,764
GIP II Blue Holding, L.P. 6.75% (LIBOR 3 Month + 4.50%), 09/29/2028^(l)			13,657		13,292,908
Parkway Generation, LLC 7.12% (LIBOR 1 Month + 4.75%), 02/18/2029^(l)			5,695		5,486,369

					21,525,041


Other Industrial – 0.3%
American Tire Distributors, Inc. 9.033% (LIBOR 3 Month + 6.25%), 10/20/2028^(l)			5,107		4,798,248
Dealer Tire, LLC 6.622% (LIBOR 1 Month + 4.25%), 12/12/2025^(l)			1,599		1,558,354
FCG Acquisitions, Inc. 9.00% (LIBOR 3 Month + 6.75%), 03/30/2029^(e) (l)			3,390		3,195,075
Rockwood Service Corporation 6.622% (LIBOR 1 Month + 4.25%), 01/23/2027^(e) (l)			498		485,259

					10,036,936


Services – 0.2%
Verscend Holding Corp. 6.372% (LIBOR 1 Month + 4.00%), 08/27/2025^(l)			7,703		7,486,093


Technology – 1.0%
Ascend Learning, LLC 8.122% (LIBOR 1 Month + 5.75%), 12/10/2029^(e) (l)			2,940		2,587,200
Banff Guarantor, Inc. 7.872% (LIBOR 1 Month + 5.50%), 02/27/2026^(l)			2,470		2,309,450
Boxer Parent Company, Inc. 6.122% (LIBOR 1 Month + 3.75%), 10/02/2025^(l)			8,619		8,282,291
Endurance International Group Holdings, Inc. 5.291% (LIBOR 1 Month + 3.50%), 02/10/2028^(l)			10,215		9,363,733


	Principal Amount (000)			U.S. $ Value

FINThrive Software Intermediate Holdings, Inc. 9.122% (LIBOR 1 Month + 6.75%), 12/17/2029^(l)		U.S.$	2,810	$	2,486,850
Loyalty Ventures, Inc. 6.872% (LIBOR 1 Month + 4.50%), 11/03/2027^(l)			6,515		4,799,590
Veritas US, Inc. 7.25% (LIBOR 3 Month + 5.00%), 09/01/2025^(l)			3,557		2,996,622

					32,825,736

					200,342,491


Financial Institutions – 0.4%
Finance – 0.0%
Orbit Private Holdings I Ltd. 6.75% (LIBOR 3 Month + 4.50%), 12/11/2028^(e) (l)			896		865,277


Insurance – 0.4%
Jones DesLauriers Insurance Management, Inc. 9.313% (CDOR 3 Month + 7.50%), 03/26/2029^(e) (l)		CAD	605		425,138
10.998% (CDOR 3 Month + 7.50%), 03/26/2029^(e) (l)			6,926		4,867,752
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 6.122% (LIBOR 1 Month + 3.75%), 09/03/2026^(l)		U.S.$	7,453		7,229,541

					12,522,431

					13,387,708


Utility – 0.2%
Electric – 0.2%
Granite Generation LLC 6.000% (LIBOR 3 Month + 3.75%), 11/09/2026^(l)			1,270		1,163,287
6.122% (LIBOR 1 Month + 3.75%), 11/09/2026^(l)			6,346		5,812,005

					6,975,292


Total Bank Loans (cost $235,854,362)					220,705,491


EMERGING MARKETS - CORPORATE BONDS – 5.8%
Industrial – 5.1%
Basic – 1.4%
Braskem Idesa SAPI 6.99%, 02/20/2032^(a)			2,258		1,901,688
7.45%, 11/15/2029^(a)			5,151		4,687,410
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026^(a)			3,245		2,790,700


	Principal Amount (000)			U.S. $ Value

CSN Inova Ventures 6.75%, 01/28/2028^(a)		U.S.$	10,898	$	10,102,446
Eldorado Gold Corp. 6.25%, 09/01/2029^(a)			4,648		3,737,282
First Quantum Minerals Ltd. 6.875%, 10/15/2027^(a)			8,370		7,909,650
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025^(a)			6,367		6,131,421
OCP SA 3.75%, 06/23/2031^(a)			1,450		1,208,938
Stillwater Mining Co. 4.00%, 11/16/2026^(a)			2,031		1,736,505
4.50%, 11/16/2029^(a)			1,878		1,481,038
Vedanta Resources Finance II PLC 13.875%, 01/21/2024^(a)			6,866		5,901,756
Volcan Cia Minera SAA 4.375%, 02/11/2026^(a)			496		432,078

					48,020,912


Capital Goods – 0.6%
Cemex SAB de CV 3.875%, 07/11/2031^(a)			4,563		3,656,959
5.125%, 06/08/2026^(a) (k)			1,885		1,573,975
7.375%, 06/05/2027^(a)			1,733		1,750,330
Embraer Netherlands Finance BV 5.40%, 02/01/2027			8,145		7,888,025
6.95%, 01/17/2028^(a)			2,712		2,715,390
IHS Holding Ltd. 5.625%, 11/29/2026^(a)			1,729		1,433,773
6.25%, 11/29/2028^(a)			537		437,655
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058^(a)			8,626		64,697
Zero Coupon, 09/10/2058^(h)			8,966		67,242

					19,588,046


Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030^(a)			4,541		3,630,813
VTR Finance NV 6.375%, 07/15/2028^(a)			632		387,811

					4,018,624


Communications - Telecommunications – 0.2%
CT Trust 5.125%, 02/03/2032^(a)			707		619,332
Digicel Group Holdings Ltd. 7.00%, 08/15/2022^{(g) (h) (k)}			669		317,176
Digicel International Finance Ltd./Digicel international Holdings Ltd. 8.75%, 05/25/2024^(a)			1,816		1,699,102


	Principal Amount (000)			U.S. $ Value

HTA Group Ltd./Mauritius 7.00%, 12/18/2025^(a)		U.S.$	4,000	$	3,552,000
MTN Mauritius Investments Ltd. 6.50%, 10/13/2026^(a)			1,282		1,267,417

					7,455,027


Consumer Cyclical - Other – 0.7%
Allwyn Entertainment Finance (UK) PLC 4.125% (EURIBOR 3 Month + 4.12%), 02/15/2028⁽ⁱ⁾		EUR	3,827		3,637,881
Allwyn International AS 3.875%, 02/15/2027^(a) (i)			744		657,751
Melco Resorts Finance Ltd. 5.375%, 12/04/2029^(a)		U.S.$	6,251		4,313,190
5.625%, 07/17/2027^(a)			3,599		2,663,260
5.75%, 07/21/2028^(a)			3,277		2,326,670
MGM China Holdings Ltd. 5.25%, 06/18/2025^(a)			437		368,254
5.375%, 05/15/2024^(a)			2,104		1,893,600
Studio City Co., Ltd. 7.00%, 02/15/2027^(a)			1,338		1,103,850
Studio City Finance Ltd. 5.00%, 01/15/2029^(a)			2,502		1,239,741
6.00%, 07/15/2025^(a)			1,011		652,085
6.50%, 01/15/2028^(a)			224		118,412
Wynn Macau Ltd. 5.125%, 12/15/2029^(a)			2,333		1,785,551
5.50%, 01/15/2026^(a)			825		668,250
5.50%, 10/01/2027^(a)			1,100		847,000
5.625%, 08/26/2028^(a)			2,442		1,855,920

					24,131,415


Consumer Cyclical - Retailers – 0.0%
K201640219 South Africa Ltd. Zero Coupon, 06/25/2023^(e) (f)		ZAR	336		0
K2016470219 South Africa Ltd. 3.00%, 12/31/2022^{(f) (g) (h)}		U.S.$	5,622		2,811
K2016470260 South Africa Ltd. 25.00%, 12/31/2022^{(f) (g) (h)}			3,942		0

					2,811


Consumer Non-Cyclical – 0.8%
BRF SA 4.875%, 01/24/2030^(a)			1,552		1,345,274
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029^(a)			673		629,847
MARB BondCo PLC 3.95%, 01/29/2031^(a)			8,907		7,238,608
Natura & Co. Luxembourg Holdings SARL 6.00%, 04/19/2029^(a)			3,267		2,883,127


	Principal Amount (000)			U.S. $ Value

Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/2027		EUR	2,758	$	2,609,693
Teva Pharmaceutical Finance Netherlands III BV 4.75%, 05/09/2027		U.S.$	2,251		2,115,152
5.125%, 05/09/2029			2,251		2,031,528
7.125%, 01/31/2025			5,610		5,705,721
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024^{(c) (f) (g) (h) (m)}			2,437		244
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025^(a)			1,248		918,294
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018^{(c) (d) (e) (f) (h)}			13,674		1,367
10.875%, 01/13/2020^{(c) (d) (e) (f) (h)}			2,500		250
11.75%, 02/09/2022^{(c) (d) (e) (f) (h)}			13,613		1,361

					25,480,466


Energy – 1.0%
Acu Petroleo Luxembourg SARL 7.50%, 01/13/2032^(a)			2,144		1,779,520
Cosan SA 5.50%, 09/20/2029^(a)			2,027		1,891,191
Greenko Wind Projects Mauritius Ltd. 5.50%, 04/06/2025^(a)			3,868		3,621,415
Investment Energy Resources Ltd. 6.25%, 04/26/2029^(a)			1,321		1,209,788
Kosmos Energy Ltd. 7.50%, 03/01/2028^(a)			2,896		2,306,483
Leviathan Bond Ltd. 5.75%, 06/30/2023^(a)			452		453,215
6.125%, 06/30/2025^(a)			2,565		2,517,410
6.50%, 06/30/2027^(a)			3,495		3,374,832
Medco Platinum Road Pte Ltd. 6.75%, 01/30/2025^(a)			3,365		3,233,134
MV24 Capital BV 6.748%, 06/01/2034^(a)			2,821		2,580,142
Peru LNG Srl 5.375%, 03/22/2030^(a)			5,787		4,817,677
SEPLAT Energy PLC 7.75%, 04/01/2026^(a)			4,308		3,618,720
SierraCol Energy Andina LLC 6.00%, 06/15/2028^(a)			2,354		1,690,172

					33,093,699


Services – 0.1%
Bidvest Group UK PLC (The) 3.625%, 09/23/2026^(a)			1,631		1,454,444
StoneCo Ltd. 3.95%, 06/16/2028^(a)			398		316,472

					1,770,916


	Principal Amount (000)			U.S. $ Value

Technology – 0.2%
CA Magnum Holdings 5.375%, 10/31/2026^(a)		U.S.$	8,243	$	7,253,840


Transportation - Services – 0.0%
JSW Infrastructure Ltd. 4.95%, 01/21/2029^(a)			564		471,398

					171,287,154


Utility – 0.5%
Electric – 0.5%
Adani Green Energy Ltd. 4.375%, 09/08/2024^(a)			1,170		1,085,175
AES Andes SA 6.35%, 10/07/2079^(a)			2,632		2,265,165
Cemig Geracao e Transmissao SA 9.25%, 12/05/2024^(a)			9,085		9,569,344
India Clean Energy Holdings 4.50%, 04/18/2027^(a)			2,606		1,941,470
JSW Hydro Energy Ltd. 4.125%, 05/18/2031^(a)			1,108		947,067
Light Servicos de Eletricidade SA/Light Energia SA 4.375%, 06/18/2026^(a)			3,986		3,486,006

					19,294,227


Financial Institutions – 0.2%
Insurance – 0.1%
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. 7.625% (7.625% Cash or 8.375% PIK), 10/15/2025^{(a) (g)}			2,227		2,138,306


Other Finance – 0.0%
OEC Finance Ltd. 4.375%, 10/25/2029^{(a) (g)}			299		7,781
5.25%, 12/27/2033^{(a) (g)}			5,325		134,068
7.125%, 12/26/2046^{(a) (g)}			10,859		334,734

					476,583


REITs – 0.1%
Agile Group Holdings Ltd. 5.50%, 05/17/2026^(a)			420		109,200
Central China Real Estate Ltd. 7.50%, 07/14/2025^(a)			322		88,107
China Aoyuan Group Ltd. 5.88%, 03/01/2027^{(a) (c) (m)}			1,125		61,875
5.98%, 08/18/2025^{(a) (c) (m)}			380		24,890
7.95%, 02/19/2023^{(a) (c) (m)}			579		36,839
China Evergrande Group 7.50%, 06/28/2023^{(a) (c) (m)}			636		52,987
11.50%, 01/22/2023^{(a) (c) (m)}			2,906		235,749
12.00%, 01/22/2024^{(a) (c) (m)}			477		39,293


	Principal Amount (000)		U.S. $ Value

China SCE Group Holdings Ltd. 5.95%, 09/29/2024^(a)	U.S.$	878	$	162,430
6.00%, 02/04/2026^(a)		1,449		217,350
7.00%, 05/02/2025^(a)		200		32,000
CIFI Holdings Group Co., Ltd. 4.80%, 05/17/2028^(a)		200		66,350
Kaisa Group Holdings Ltd. 9.95%, 07/23/2025^{(a) (c) (m)}		2,585		258,177
11.65%, 06/01/2026^{(a) (c) (m)}		200		19,413
KWG Group Holdings Ltd. 5.95%, 08/10/2025^(a)		880		105,600
6.00%, 08/14/2026^(a)		400		48,000
7.40%, 01/13/2027^(a)		370		44,400
Logan Group Co., Ltd. 4.50%, 01/13/2028^(a)		200		25,000
Powerlong Real Estate Holdings Ltd. 4.90%, 05/13/2026^(a)		700		84,000
5.95%, 04/30/2025^(a)		772		92,640
Ronshine China Holdings Ltd. 6.75%, 08/05/2024^{(a) (c) (m)}		536		37,520
7.10%, 01/25/2025^{(a) (c) (m)}		1,706		102,360
8.10%, 06/09/2023^{(a) (c) (m)}		687		54,960
Scenery Journey Ltd. 11.50%, 10/24/2022^{(a) (c) (m)}		1,997		89,865
12.00%, 10/24/2023^{(a) (c) (m)}		1,325		69,562
Seazen Group Ltd. 4.45%, 07/13/2025^(a)		1,259		526,655
Shimao Group Holdings Ltd. 5.20%, 01/30/2025^{(a) (c) (m)}		219		18,615
5.20%, 01/16/2027^{(a) (c) (m)}		1,065		85,200
5.60%, 07/15/2026^{(a) (c) (m)}		630		56,700
Sunac China Holdings Ltd. 5.95%, 04/26/2024^{(a) (c) (m)}		702		78,975
6.50%, 01/26/2026^{(a) (c) (m)}		419		46,090
6.50%, 01/10/2025^{(a) (c) (m)}		708		77,880
6.65%, 08/03/2024^{(a) (c) (m)}		230		25,875
7.00%, 07/09/2025^{(a) (c) (m)}		214		23,540
Times China Holdings Ltd. 5.55%, 06/04/2024^(a)		563		67,560
5.75%, 01/14/2027^(a)		992		94,240
6.20%, 03/22/2026^(a)		200		20,000
6.60%, 03/02/2023^(a)		200		34,000
6.75%, 07/08/2025^(a)		590		64,900
Yango Justice International Ltd. 7.50%, 02/17/2025^{(a) (c) (m)}		1,169		70,140
7.50%, 04/15/2024^{(a) (c) (m)}		344		20,640
7.875%, 09/04/2024^{(a) (c) (m)}		790		47,400
8.25%, 11/25/2023^{(a) (c) (m)}		400		24,000
10.25%, 09/15/2022^{(c) (m)}		264		16,962


	Principal Amount (000)		U.S. $ Value

Yuzhou Group Holdings Co., Ltd. 7.70%, 02/20/2025^{(a) (c) (m)}	U.S.$	200	$	14,000
8.375%, 10/30/2024^{(a) (c) (m)}		291		20,370
Zhenro Properties Group Ltd. 6.63%, 01/07/2026^{(a) (c) (m)}		1,540		92,400
6.70%, 08/04/2026^{(a) (c) (m)}		600		36,000
7.10%, 09/10/2024^{(a) (c) (m)}		351		21,060
7.35%, 02/05/2025^{(a) (c) (m)}		200		12,000

				3,753,769

				6,368,658

Total Emerging Markets - Corporate Bonds (cost $298,359,661)				196,950,039


COLLATERALIZED MORTGAGE OBLIGATIONS – 4.8%
Risk Share Floating Rate – 4.3%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DN1, Class B 13.759% (LIBOR 1 Month + 11.50%), 01/25/2025⁽ⁱ⁾		10,553		10,726,070
Series 2015-DNA1, Class B 11.459% (LIBOR 1 Month + 9.20%), 10/25/2027⁽ⁱ⁾		897		918,701
Series 2015-DNA2, Class B 9.809% (LIBOR 1 Month + 7.55%), 12/25/2027⁽ⁱ⁾		16,043		15,829,123
Series 2015-DNA3, Class B 11.609% (LIBOR 1 Month + 9.35%), 04/25/2028⁽ⁱ⁾		7,467		7,711,290
Series 2015-HQ2, Class B 10.209% (LIBOR 1 Month + 7.95%), 05/25/2025⁽ⁱ⁾		284		288,743
Series 2015-HQA1, Class B 11.059% (LIBOR 1 Month + 8.80%), 03/25/2028⁽ⁱ⁾		12,407		12,547,172
Series 2015-HQA2, Class B 12.759% (LIBOR 1 Month + 10.50%), 05/25/2028⁽ⁱ⁾		6,952		7,341,781
Series 2016-DNA2, Class B 12.759% (LIBOR 1 Month + 10.50%), 10/25/2028⁽ⁱ⁾		5,018		5,326,006
Series 2016-DNA3, Class B 13.509% (LIBOR 1 Month + 11.25%), 12/25/2028⁽ⁱ⁾		4,446		4,833,900
Series 2016-DNA4, Class B 10.859% (LIBOR 1 Month + 8.60%), 03/25/2029⁽ⁱ⁾		1,818		1,814,538
Series 2016-HQA1, Class B 15.009% (LIBOR 1 Month + 12.75%), 09/25/2028⁽ⁱ⁾		2,985		3,256,463


	Principal Amount (000)			U.S. $ Value

Series 2016-HQA2, Class B 13.759% (LIBOR 1 Month + 11.50%), 11/25/2028⁽ⁱ⁾		U.S.$	3,911	$	4,313,168
Federal National Mortgage Association Connecticut Avenue Securities Series 2016-C01, Class 1B 14.009% (LIBOR 1 Month + 11.75%), 08/25/2028⁽ⁱ⁾			4,010		4,475,121
Series 2016-C02, Class 1B 14.509% (LIBOR 1 Month + 12.25%), 09/25/2028⁽ⁱ⁾			2,879		3,261,336
Series 2016-C03, Class 1B 14.009% (LIBOR 1 Month + 11.75%), 10/25/2028⁽ⁱ⁾			7,099		7,861,416
Series 2016-C03, Class 2B 15.009% (LIBOR 1 Month + 12.75%), 10/25/2028⁽ⁱ⁾			3,931		4,474,126
Series 2016-C04, Class 1B 12.509% (LIBOR 1 Month + 10.25%), 01/25/2029⁽ⁱ⁾			13,239		14,218,852
Series 2016-C05, Class 2B 13.009% (LIBOR 1 Month + 10.75%), 01/25/2029⁽ⁱ⁾			11,989		12,908,893
Series 2016-C06, Class 1B 11.509% (LIBOR 1 Month + 9.25%), 04/25/2029⁽ⁱ⁾			8,456		8,816,547
Series 2016-C07, Class 2B 11.759% (LIBOR 1 Month + 9.50%), 05/25/2029⁽ⁱ⁾			10,240		10,691,126
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 7.759% (LIBOR 1 Month + 5.50%), 10/25/2025^{(h) (i)}			2,356		2,293,508
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 7.509% (LIBOR 1 Month + 5.25%), 11/25/2025^{(h) (i)}			1,576		1,438,770
Series 2015-WF1, Class 2M2 7.759% (LIBOR 1 Month + 5.50%), 11/25/2025^{(h) (i)}			801		746,399

					146,093,049


Non-Agency Fixed Rate – 0.4%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 08/25/2036			2,054		1,305,087
Series 2006-24CB, Class A16 5.75%, 08/25/2036			393		249,524
Series 2006-26CB, Class A6 6.25%, 09/25/2036			194		115,927
Series 2006-26CB, Class A8 6.25%, 09/25/2036			733		438,075
Series 2006-42, Class 1A6 6.00%, 01/25/2047			870		578,655


	Principal Amount (000)			U.S. $ Value

Series 2006-HY12, Class A5 3.587%, 08/25/2036		U.S.$	2,310	$	2,159,562
Series 2006-J1, Class 1A10 5.50%, 02/25/2036			739		578,535
Series 2006-J5, Class 1A1 6.50%, 09/25/2036			664		426,032
Series 2007-15CB, Class A19 5.75%, 07/25/2037			384		266,171
Series 2007-16CB, Class 1A7 6.00%, 08/25/2037			393		329,171
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.249%, 05/25/2047			372		345,336
Series 2007-4, Class 22A1 3.716%, 06/25/2047			1,388		1,294,250
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037			474		201,526
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 2.956%, 09/25/2047			381		347,495
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 3.219%, 03/25/2037			224		200,751
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037			615		563,421
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 08/25/2036			783		378,604
First Horizon Alternative Mortgage Securities Trust Series 2006-AA3, Class A1 3.183%, 06/25/2036			338		285,332
Residential Accredit Loans, Inc. Trust Series 2005-QA10, Class A31 3.891%, 09/25/2035			1,306		960,630
Series 2005-QS14, Class 3A1 6.00%, 09/25/2035			862		797,653
Residential Asset Securitization Trust
Series 2006-A8, Class 3A4 6.00%, 08/25/2036			496		282,176
Series 2007-A1, Class A8 6.00%, 03/25/2037			857		344,941
Series 2007-A5, Class 2A3 6.00%, 05/25/2037			226		149,872
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-9, Class A4 4.304%, 10/25/2036			1,606		500,002
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 2.788%, 12/28/2037			1,324		1,249,369

					14,348,097


	Principal Amount (000)			U.S. $ Value

Non-Agency Floating Rate – 0.1%
Alternative Loan Trust Series 2007-7T2, Class A3 2.859% (LIBOR 1 Month + 0.60%), 04/25/2037⁽ⁱ⁾		U.S.$	2,117	$	736,099
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 2.859% (LIBOR 1 Month + 0.60%), 08/25/2037⁽ⁱ⁾			318		139,220
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 2.509% (LIBOR 1 Month + 0.25%), 04/25/2037⁽ⁱ⁾			925		256,824
Lehman Mortgage Trust Series 2007-1, Class 3A1 2.509% (LIBOR 1 Month + 0.25%), 02/25/2037⁽ⁱ⁾			2,860		364,861
Series 2007-1, Class 3A2 4.991% (7.25% - LIBOR 1 Month), 02/25/2037^{(i) (n)}			2,860		428,460
Lehman XS Trust Series 2007-16N, Class 2A2 3.959% (LIBOR 1 Month + 1.70%), 09/25/2047⁽ⁱ⁾			392		356,916
PHH Alternative Mortgage Trust Series 2007-1, Class 1A1 2.579% (LIBOR 1 Month + 0.32%), 02/25/2037⁽ⁱ⁾			434		321,261
Series 2007-2, Class 1A3 2.919% (LIBOR 1 Month + 0.66%), 05/25/2037⁽ⁱ⁾			268		253,732

					2,857,373

Total Collateralized Mortgage Obligations (cost $163,652,184)					163,298,519


GOVERNMENTS - TREASURIES – 3.8%
United States – 3.8%
U.S. Treasury Bonds 6.125%, 11/15/2027^(o) (p)			29,263		34,054,700
U.S. Treasury Notes 2.375%, 05/15/2029^{(b) (o) (p)}			75,728		74,189,971
3.125%, 11/15/2028^{(o) (p)}			20,054		20,511,277

Total Governments - Treasuries (cost $130,909,375)					128,755,948


COLLATERALIZED LOAN OBLIGATIONS – 3.0%
CLO - Floating Rate – 3.0%
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 4.74% (LIBOR 3 Month + 2.00%), 04/17/2033^{(a) (i)}			11,494		10,673,834


	Principal Amount (000)			U.S. $ Value

Ballyrock CLO 15 Ltd. Series 2021-1A, Class D 8.732% (LIBOR 3 Month + 6.22%), 04/15/2034^{(a) (i)}		U.S.$	2,000	$	1,764,258
Bristol Park CLO Ltd. Series 2016-1A, Class DR 5.462% (LIBOR 3 Month + 2.95%), 04/15/2029^{(a) (i)}			5,000		4,606,300
Dryden 49 Senior Loan Fund Series 2017-49A, Class E 9.04% (LIBOR 3 Month + 6.30%), 07/18/2030^{(a) (i)}			2,424		2,126,901
Dryden 57 CLO Ltd. Series 2018-57A, Class E 6.611% (LIBOR 3 Month + 5.20%), 05/15/2031^{(a) (i)}			1,741		1,486,736
Dryden 78 CLO Ltd. Series 2020-78A, Class C 4.69% (LIBOR 3 Month + 1.95%), 04/17/2033^{(a) (i)}			2,270		2,121,342
Series 2020-78A, Class D 5.74% (LIBOR 3 Month + 3.00%), 04/17/2033^{(a) (i)}			11,286		10,417,997
Dryden 98 CLO Ltd. Series 2022-98A, Class E 7.304% (SOFR + 6.40%), 04/20/2035^{(a) (i)}			4,009		3,601,544
Elevation CLO Ltd. Series 2020-11A, Class C 4.712% (LIBOR 3 Month + 2.20%), 04/15/2033^{(a) (i)}			3,505		3,232,848
Series 2020-11A, Class D1 6.362% (LIBOR 3 Month + 3.85%), 04/15/2033^{(a) (i)}			5,438		5,053,239
Elmwood CLO IX Ltd. Series 2021-2A, Class E 8.66% (LIBOR 3 Month + 5.95%), 07/20/2034^{(a) (i)}			800		704,596
Elmwood CLO VII Ltd. Series 2020-4A, Class E 9.84% (LIBOR 3 Month + 7.10%), 01/17/2034^{(a) (i)}			2,122		1,988,227
Elmwood CLO VIII Ltd. Series 2021-1A, Class E1 8.71% (LIBOR 3 Month + 6.00%), 01/20/2034^{(a) (i)}			1,786		1,584,985
Elmwood CLO XII Ltd. Series 2021-5A, Class E 9.06% (LIBOR 3 Month + 6.35%), 01/20/2035^{(a) (i)}			3,650		3,299,111
Flatiron CLO 21 Ltd. Series 2021-1A, Class E 8.738% (LIBOR 3 Month + 6.00%), 07/19/2034^{(a) (i)}			350		299,862


	Principal Amount (000)			U.S. $ Value

LCM 28 Ltd. Series 28A, Class D 5.66% (LIBOR 3 Month + 2.95%), 10/20/2030^{(a) (i)}		U.S.$	500	$	429,790
Madison Park Funding LI Ltd. Series 2021-51A, Class E 9.008% (LIBOR 3 Month + 6.27%), 07/19/2034^{(a) (i)}			1,600		1,423,565
OCP CLO Ltd. Series 2021-21A, Class E 8.99% (LIBOR 3 Month + 6.28%), 07/20/2034^{(a) (i)}			2,250		1,947,659
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class CR 4.733% (LIBOR 3 Month + 1.95%), 01/24/2033^{(a) (i)}			8,719		8,075,500
Series 2016-1A, Class DR 5.883% (LIBOR 3 Month + 3.10%), 01/24/2033^{(a) (i)}			7,987		7,258,544
OZLM XXII Ltd. Series 2018-22A, Class D 8.04% (LIBOR 3 Month + 5.30%), 01/17/2031^{(a) (i)}			968		772,479
Palmer Square CLO Ltd. Series 2021-1A, Class D 8.71% (LIBOR 3 Month + 6.00%), 04/20/2034^{(a) (i)}			6,063		5,357,928
Rad CLO 4 Ltd. Series 2019-4A, Class E 9.533% (LIBOR 3 Month + 6.75%), 04/25/2032^{(a) (i)}			3,086		2,793,445
Rad CLO 7 Ltd. Series 2020-7A, Class C 4.74% (LIBOR 3 Month + 2.00%), 04/17/2033^{(a) (i)}			2,940		2,779,370
Rad CLO 10 Ltd. Series 2021-10A, Class E 8.633% (LIBOR 3 Month + 5.85%), 04/23/2034^{(a) (i)}			3,793		3,330,917
Rad CLO 11 Ltd. Series 2021-11A, Class E 8.762% (LIBOR 3 Month + 6.25%), 04/15/2034^{(a) (i)}			1,545		1,376,512
Regatta XIX Funding Ltd. Series 2022-1A, Class E 7.959% (SOFR + 6.88%), 04/20/2035^{(a) (i)}			1,451		1,316,385
Rockford Tower CLO Ltd. Series 2019-1A, Class ER 9.03% (LIBOR 3 Month + 6.32%), 04/20/2034^{(a) (i)}			2,000		1,703,236
Series 2021-2A, Class E 9.11% (LIBOR 3 Month + 6.40%), 07/20/2034^{(a) (i)}			1,100		940,097


	Principal Amount (000)			U.S. $ Value

Series 2021-3A, Class E 9.43% (LIBOR 3 Month + 6.72%), 10/20/2034^{(a) (i)}		U.S.$	4,738	$	4,161,747
Sixth Street CLO XX Ltd. Series 2021-20A, Class E 8.86% (LIBOR 3 Month + 6.15%), 10/20/2034^{(a) (i)}			3,021		2,717,518
Trimaran Cavu Ltd. Series 2019-1A, Class E 9.75% (LIBOR 3 Month + 7.04%), 07/20/2032^{(a) (i)}			2,469		2,174,786


Total Collateralized Loan Obligations (cost $111,219,359)					101,521,258


EMERGING MARKETS - SOVEREIGNS – 2.6%
Angola – 0.3%
Angolan Government International Bond 8.00%, 11/26/2029^(a)			6,204		4,994,220
9.125%, 11/26/2049^(a)			286		217,950
9.50%, 11/12/2025^(a)			5,861		5,450,730

					10,662,900


Argentina – 0.2%
Argentine Republic Government International Bond 0.50%, 07/09/2030			3,546		836,834
1.00%, 07/09/2029			2,895		674,630
1.50%, 07/09/2035			24,088		5,347,638
3.50%, 07/09/2041			991		257,699
3.875%, 01/09/2038			4,145		1,162,663

					8,279,464


Bahrain – 0.2%
Bahrain Government International Bond 5.45%, 09/16/2032^(a)			468		393,208
6.75%, 09/20/2029^(a)			1,973		1,919,112
7.00%, 10/12/2028^(a)			1,673		1,668,086
7.375%, 05/14/2030^(a)			571		571,821
CBB International Sukuk Programme Co. WLL 6.25%, 11/14/2024^(a)			3,791		3,881,747

					8,433,974


Dominican Republic – 0.4%
Dominican Republic International Bond 8.625%, 04/20/2027^(a)			12,151		12,715,262


Ecuador – 0.2%
Ecuador Government International Bond Zero Coupon, 07/31/2030^(a)			1,718		724,225
1.50%, 07/31/2040^(a)			6,518		2,691,764
5.50%, 07/31/2030^(a)			5,710		3,369,911

					6,785,900


	Principal Amount (000)			U.S. $ Value

Egypt – 0.1%
Egypt Government International Bond 8.70%, 03/01/2049^(a)		U.S.$	612	$	356,490
8.875%, 05/29/2050^(a)			4,471		2,649,067

					3,005,557


El Salvador – 0.1%
El Salvador Government International Bond 6.375%, 01/18/2027^(a)			3,407		1,241,000
7.125%, 01/20/2050^(a)			2,430		785,649
7.625%, 09/21/2034^(a)			631		207,165
7.625%, 02/01/2041^(a)			1,445		482,540
9.50%, 07/15/2052^(a)			2,190		748,433

					3,464,787


Gabon – 0.1%
Gabon Government International Bond 6.625%, 02/06/2031^(a)			4,626		3,280,990


Ghana – 0.1%
Ghana Government International Bond 6.375%, 02/11/2027^(a)			3,242		1,665,577
8.95%, 03/26/2051^(a)			752		326,556
10.75%, 10/14/2030^(a)			4,614		3,702,735

					5,694,868


Ivory Coast – 0.3%
Ivory Coast Government International Bond 4.875%, 01/30/2032^(a)		EUR	5,018		3,805,776
6.125%, 06/15/2033^(a)		U.S.$	2,415		1,958,867
6.375%, 03/03/2028^(a)			3,087		2,824,605
6.625%, 03/22/2048^(a)		EUR	732		521,735

					9,110,983


Nigeria – 0.1%
Nigeria Government International Bond 7.625%, 11/28/2047^(a)		U.S.$	1,784		1,119,460
7.696%, 02/23/2038^(a)			671		427,763
7.875%, 02/16/2032^(a)			1,521		1,064,700

					2,611,923


Oman – 0.1%
Oman Government International Bond 4.875%, 02/01/2025^(a)			415		411,888
6.25%, 01/25/2031^(a)			1,630		1,621,850

					2,033,738


Senegal – 0.2%
Senegal Government International Bond 6.25%, 05/23/2033^(a)			5,674		4,513,667
6.75%, 03/13/2048^(a)			3,641		2,575,552

					7,089,219


	Principal Amount (000)		U.S. $ Value

Ukraine – 0.1%
Ukraine Government International Bond 7.253%, 03/15/2033^(a)	U.S.$	3,980	$	750,230
7.375%, 09/25/2032^(a)		3,486		657,111
7.75%, 09/01/2023^(a)		5,795		1,274,900

				2,682,241


Venezuela – 0.1%
Venezuela Government International Bond 7.65%, 04/21/2025^{(a) (c) (m)}		6,636		547,470
9.00%, 05/07/2023^{(a) (c) (m)}		538		45,730
9.25%, 09/15/2027^{(c) (m)}		34,020		2,891,700
9.25%, 05/07/2028^{(a) (c) (m)}		1,500		127,500

				3,612,400

Total Emerging Markets - Sovereigns (cost $154,529,558)				89,464,206


	Shares

COMMON STOCKS – 1.9%
Energy – 0.6%
Energy Equipment & Services – 0.2%
BIS Industries Holdings Ltd.^{(c) (e) (f)}		5,004,988		5
CHC Group LLC^(c)		104,383		21
Diamond Offshore Drilling, Inc.^{(c) (h)}		845,334		5,706,004
Vantage Drilling International^(c)		91,167		1,185,180

				6,891,210


Oil, Gas & Consumable Fuels – 0.4%
Battalion Oil Corp.^(c)		135		1,430
Berry Corp.		422,161		3,605,255
Chord Energy Corp.		28,186		3,614,573
Civitas Resources, Inc.		24,592		1,449,944
Denbury, Inc.^(c)		33,050		2,376,625
Golden Energy Offshore Services AS^(c)		3,360,247		608,419
K201640219 South Africa Ltd. A Shares^{(c) (e) (f)}		64,873,855		65
K201640219 South Africa Ltd. B Shares^{(c) (e) (f)}		10,275,684		10
SandRidge Energy, Inc.^(c)		1,446		27,084

				11,683,405

				18,574,615


Consumer Discretionary – 0.4%
Auto Components – 0.0%
Exide Corp.^{(c) (e) (f)}		4,045		1,314,625


Company	Shares		U.S. $ Value

Hotels, Restaurants & Leisure – 0.0%
Caesars Entertainment, Inc.^(c)		4,628	$	211,453


Internet & Direct Marketing Retail – 0.0%
GOLO Mobile, Inc.^{(c) (e) (f)}		168,790		0


Leisure Products – 0.1%
Carlson Travel, Inc.^{(c) (e)}		104,524		1,794,364


Multiline Retail – 0.3%
ATD New Holdings, Inc.^{(c) (e)}		161,762		11,323,340

				14,643,782


Consumer Staples – 0.4%
Household Products – 0.4%
Southeastern Grocers, Inc.^{(c) (e) (f)}		508,189		11,434,252


Financials – 0.3%
Insurance – 0.3%
Mt. Logan Re Ltd.^{(c) (e) (f)}		9,000		8,710,997


Industrials – 0.1%
Building Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.^{(c) (e) (f)}		14		0


Construction & Engineering – 0.1%
WillScot Mobile Mini Holdings Corp.^(c)		109,384		4,223,316

				4,223,316


Communication Services – 0.1%
Diversified Telecommunication Services – 0.1%
Intelsat Jackson Holdings SA^{(c) (e) (f)}		18,378		0
Intelsat SA^{(c) (e)}		87,751		2,208,429

				2,208,429


Media – 0.0%
iHeartMedia, Inc. - Class A^(c)		164,799		1,232,697

				3,441,126


Information Technology – 0.0%
IT Services – 0.0%
AG Tracker^{(c) (e) (f)}		399,741		0
Paysafe Ltd.^(c)		562,779		1,131,186

				1,131,186


Software – 0.0%
Avaya Holdings Corp.^(c)		125,330		112,622
Monitronics International, Inc.^(c)		129,032		64,516

				177,138

				1,308,324


Health Care – 0.0%
Pharmaceuticals – 0.0%
Mallinckrodt PLC^(c)		22,361		391,318


Company	Shares			U.S. $ Value

Materials – 0.0%
Metals & Mining – 0.0%
Neenah Enterprises, Inc.^(e)			49,578	$	0

Total Common Stocks (cost $133,239,405)					62,727,730


	Principal Amount (000)

QUASI-SOVEREIGNS – 0.6%
Quasi-Sovereign Bonds – 0.6%
Mexico – 0.5%
Comision Federal de Electricidad 4.688%, 05/15/2029^(a)		U.S.$	2,363		2,179,572
Petroleos Mexicanos 5.95%, 01/28/2031			3,818		2,949,405
6.49%, 01/23/2027			1,276		1,154,621
6.50%, 01/23/2029			1,268		1,077,939
6.70%, 02/16/2032			3,899		3,108,478
6.75%, 09/21/2047			6,363		4,315,705
7.69%, 01/23/2050			2,298		1,666,050

					16,451,770


Panama – 0.0%
Aeropuerto Internacional de Tocumen SA 4.00%, 08/11/2041^(a)			394		327,340
5.125%, 08/11/2061^(a)			223		185,062

					512,402


South Africa – 0.1%
Eskom Holdings SOC Ltd. 7.125%, 02/11/2025^(a)			1,951		1,815,405


Trinidad & Tobago – 0.0%
Trinidad Generation UnLtd. 5.25%, 11/04/2027^(a)			202		194,021


Venezuela – 0.0%
Petroleos de Venezuela SA 6.00%, 11/15/2026^(a) (m)			5,000		275,000


Total Quasi-Sovereigns (cost $22,803,770)					19,248,598


COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.5%
Non-Agency Fixed Rate CMBS – 0.4%
Citigroup Commercial Mortgage Trust Series 2013-GC11, Class XA 1.343%, 04/10/2046^(q)			6,307		33,669
Commercial Mortgage Trust Series 2012-CR3, Class F 4.75%, 10/15/2045^(a)			1,000		157,574
Series 2012-CR5, Class XA 1.454%, 12/10/2045^(q)			6,314		4,915
Series 2013-LC6, Class XA 1.237%, 01/10/2046^(q)			22,118		24,817


	Principal Amount (000)			U.S. $ Value

Series 2014-CR15, Class XA 0.628%, 02/10/2047^(q)		U.S.$	6,174	$	51,241
GS Mortgage Securities Corp. II Series 2013-GC10, Class XA 1.459%, 02/10/2046^(q)			3,534		11,901
GS Mortgage Securities Trust Series 2011-GC5, Class C 5.159%, 08/10/2044^(a)			7,937		6,587,303
Series 2013-GC13, Class D 4.071%, 07/10/2046^(a)			1,500		638,385
Series 2014-GC18, Class D 5.057%, 01/10/2047^(a)			895		369,269
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class XA 1.459%, 11/15/2045^{(a) (q)}			10,684		896
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class XA 1.544%, 12/10/2045^{(a) (q)}			1,254		1,079
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class D 4.842%, 06/15/2044^(a)			2,576		2,267,591
Series 2012-C8, Class E 4.888%, 08/15/2045^(a)			2,911		2,904,999
Series 2014-C20, Class D 3.986%, 05/15/2047^(a)			3,701		1,406,414

					14,460,053


Non-Agency Floating Rate CMBS – 0.1%
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 6.999% (LIBOR 1 Month + 5.00%), 05/15/2036^{(a) (i)}			1,702		1,310,578


Total Commercial Mortgage-Backed Securities (cost $18,618,368)					15,770,631


LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.4%
United States – 0.4%
State of California Series 2010 7.60%, 11/01/2040			1,200		1,666,997
7.625%, 03/01/2040			1,250		1,697,169
State of Illinois Series 2010 7.35%, 07/01/2035			4,120		4,657,396
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041^(a)			7,240		6,993,954


Total Local Governments - US Municipal Bonds (cost $13,850,343)					15,015,516


	Principal Amount (000)			U.S. $ Value

INFLATION-LINKED SECURITIES – 0.4%
Colombia – 0.4%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044^(a)		COP	14,562,910	$	2,106,136
Fideicomiso PA Costera 6.25%, 01/15/2034^(a)			7,580,000		1,543,528
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035^(h)			36,247,335		8,370,623


Total Inflation-Linked Securities (cost $18,016,048)					12,020,287


	Shares

PREFERRED STOCKS – 0.3%
Industrial – 0.3%
Energy – 0.1%
Gulfport Energy Corp. 10.00%^{(e) (k)}			789		4,891,800


Industrial Conglomerates – 0.2%
WESCO International, Inc. Series A 10.625%			211,900		5,964,985


Total Preferred Stocks (cost $6,361,031)					10,856,785


WARRANTS – 0.1%
Avaya Holdings Corp., expiring 12/15/2022^(c)			385,763		964
Battalion Oil Corp., expiring 10/08/2022^{(c) (e) (f)}			815		0
Battalion Oil Corp., expiring 10/08/2022^{(c) (e) (f)}			652		0
Battalion Oil Corp., expiring 10/08/2022^{(c) (e) (f)}			1,048		0
Encore Automotive Acceptance, expiring 07/05/2031^{(c) (e) (f)}			44		0
Flexpath Capital, Inc., expiring 04/15/2031^{(c) (e) (f)}			189,795		0
SandRidge Energy, Inc., A-CW22, expiring 10/03/2022^(c)			304,120		12,165
SandRidge Energy, Inc., B-CW22, expiring 10/03/2022^(c)			130,889		5,236
Willscot Corp., expiring 11/29/2022^{(c) (e) (f)}			169,364		3,940,524


Total Warrants (cost $3,612,897)					3,958,889


	Principal Amount (000)

ASSET-BACKED SECURITIES – 0.1%
Other ABS - Fixed Rate – 0.1%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 9.02%, 06/15/2043^(h)		U.S.$	141		130,813


	Principal Amount (000)			U.S. $ Value

Series 2019-24, Class PT 10.954%, 08/15/2044^(h)		U.S.$	370	$	357,778
Series 2019-36, Class PT 13.001%, 10/17/2044^(h)			707		685,281
Series 2019-43, Class PT 4.086%, 11/15/2044^(h)			112		108,902
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-12, Class PT 12.08%, 06/15/2043^(h)			122		116,441
Series 2018-4, Class PT 11.17%, 05/15/2043^(h)			125		118,876
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 8.96%, 03/16/2043 ^(h)			27		24,780
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 08/25/2025^{(e) (f) (h)}			327		317,582

					1,860,453


Autos - Fixed Rate – 0.0%
Flagship Credit Auto Trust Series 2019-1, Class E 5.06%, 06/15/2026^(a)			791		773,891


Total Asset-Backed Securities (cost $2,622,307)					2,634,344


	Shares

RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049^{(c) (e)}(cost $0)			45,881		58,498


	Principal Amount (000)

GOVERNMENTS - SOVEREIGN BONDS – 0.0%
Netherlands – 0.0%
SNS Bank NV Series E 11.25%, 12/31/2049^{(c) (e) (f) (k)} (cost $1,373,314)		EUR	1,001		0


SHORT-TERM INVESTMENTS – 2.5%
Time Deposits – 1.6%
BBH, Grand Cayman 0.52%, 08/01/2022		GBP	351		427,482
6.45%, 08/01/2022		ZAR	109		6,547
Citibank, London (0.13)%, 08/01/2022		EUR	225		230,290


	Principal Amount (000)			U.S. $ Value

Sumitomo Trust Bank, London 1.68%, 08/01/2022		U.S.$	52,950	$	52,949,724


Total Time Deposits (cost $53,614,043)					53,614,043


	Shares

Investment Companies – 0.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.72%^{(r) (s) (t)} (cost $29,437,888)			29,437,888		29,437,888


Total Short-Term Investments (cost $83,051,931)					83,051,931


Total Investments – 103.5% (cost $4,052,015,728)^(u)					3,492,711,711
Other assets less liabilities – (3.5)%					(117,719,384	)


Net Assets – 100.0%				$	3,374,992,327

FUTURES


Description	Number of Contracts	Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. Long Bond (CBT) Futures	68		September 2022	$	9,792,000	$	212,367
U.S. T-Note 5 Yr (CBT) Futures	2,643		September 2022		300,579,306		1,720,314
U.S. T-Note 10 Yr (CBT) Futures	175		September 2022		21,199,609		199,320
U.S. Ultra Bond (CBT) Futures	156		September 2022		24,696,750		(119,164	)

						$	2,012,837

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		EUR	84,422		USD	85,941		09/29/2022	$	(706,073	)
Barclays Bank PLC		GBP	16,971		USD	21,272		08/25/2022		593,987
BNP Paribas SA		COP	65,115,083		USD	14,282		09/15/2022		(784,917	)
BNP Paribas SA		CAD	7,789		USD	6,042		10/27/2022		(39,342	)
Brown Brothers Harriman & Co.		EUR	393		USD	400		09/29/2022		(3,592	)
JPMorgan Chase Bank, NA		EUR	3,977		USD	4,091		09/29/2022		9,218

									$	(930,719	)

CREDIT DEFAULT SWAPTIONS WRITTEN

Description

Counterparty

Buy/Sell

Protection

Strike

Rate

Expiration

Month

Notional

Amount

(000)

Premiums

Market

Value

CDX-NAHY Series 38, 5 Year Index

BNP Paribas SA

Sell

95.00

Aug 2022

175,890

2,726,295

(142,019

)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2022		Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAHY Series 38, 5 Year Index, 06/20/2027*		5.00	%		Quarterly		4.71%		USD	345,767	$	5,854,300	$	10,076,923	$	(4,222,623	)
iTraxx Europe Crossover Series 37, 5 Year Index, 06/20/2027*		5.00			Quarterly		5.10		EUR	74,910		128,018		4,708,473		(4,580,455	)

											$	5,982,318	$	14,785,396	$	(8,803,078	)

*	Termination date

CREDIT DEFAULT SWAPS


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at July 31, 2022	Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%	Monthly	7.50%		USD	2,785	$	(1,024,090	)	$	(1,343,024	)	$	318,934
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,370		(503,928	)		(650,477	)		146,549
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	3,258		(743,416	)		(1,136,361	)		392,945
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	3,226		(736,011	)		(390,474	)		(345,537	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	5,318		(1,213,209	)		(630,854	)		(582,355	)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at July 31, 2022	Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly	7.50%		USD	7,598	$	(1,733,212	)	$	(897,860	)	$	(835,352	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	13,644		(3,112,489	)		(1,626,818	)		(1,485,671	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	34,749		(7,926,880	)		(3,877,348	)		(4,049,532	)
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	503		(184,859	)		(70,009	)		(114,850	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,258		(462,317	)		(175,088	)		(287,229	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	2,516		(914,863	)		(341,065	)		(573,798	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	215		(48,948	)		(25,184	)		(23,764	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	6,568		(1,498,180	)		(765,806	)		(732,374	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	2,081		(474,969	)		(229,251	)		(245,718	)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00		Quarterly	2.06		USD	1,300		55,425			23,236			32,189
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00		Quarterly	2.06		USD	1,440		61,394			40,281			21,113
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	274		(100,786	)		(129,926	)		29,140
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	274		(100,786	)		(129,926	)		29,140
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	487		(111,174	)		(124,427	)		13,253
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	487		(111,256	)		(103,716	)		(7,540	)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at July 31, 2022	Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly	7.50%		USD	975	$	(222,511	)	$	(214,304	)	$	(8,207	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	975		(222,511	)		(214,304	)		(8,207	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	1,245		(283,980	)		(150,047	)		(133,933	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	23,249		(5,303,479	)		(3,157,358	)		(2,146,121	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	5,508		(1,256,410	)		(660,482	)		(595,928	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	5,059		(1,859,434	)		(2,590,668	)		731,234
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,699		(617,352	)		(743,808	)		126,456
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,699		(624,668	)		(687,345	)		62,677
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,699		(624,668	)		(683,325	)		58,657
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,699		(624,668	)		(679,305	)		54,637
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	548		(201,571	)		(254,319	)		52,748
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,699		(624,668	)		(675,286	)		50,618
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	928		(341,250	)		(386,150	)		44,900
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,857		(682,839	)		(658,662	)		(24,177	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,857		(682,839	)		(654,313	)		(28,526	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	2,437		(556,279	)		(633,617	)		77,338


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2022		Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50%		USD	2,437	$	(555,872	)	$	(587,572	)	$	31,700

											$	(36,169,553	)	$	(26,214,962	)	$	(9,954,591	)

*	Termination date

TOTAL RETURN SWAPS

Counterparty &

Referenced Obligation

Rate Paid/

Received

Payment

Frequency

Current

Notional

(000)

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

Receive Total Return on Reference Obligation

Goldman Sachs International

Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1 TRI

3 Month
EURIBOR

Maturity

EUR

25,305

09/20/2022

(909,456

)

Morgan Stanley Capital Services LLC

iShares iBoxx USD High Yield Corporate Bond ETF

Fed Fund Effective
Minus 1.40

Maturity

USD

22,311

08/31/2022

(909,456

)

REVERSE REPURCHASE AGREEMENTS


Broker	Currency	Principal Amount (000)		Interest Rate			Maturity		U.S. $ Value at July 31, 2022
Barclays Capital, Inc.	USD		1,931		2.25	%		08/01/2022	$	1,932,189
Barclays Capital, Inc.	USD		2,233		(1.25	)%*		08/01/2022		2,232,285
Barclays Capital, Inc.	USD		4,032		1.75	%		08/01/2022		4,032,982
Barclays Capital, Inc.	USD		7,090		2.32	%		08/01/2022		7,092,867
Barclays Capital, Inc.	USD		7,638		2.00	%		08/01/2022		7,640,992
Barclays Capital, Inc.	USD		10,223		(1.25	)%*		08/01/2022		10,222,560
Barclays Capital, Inc.	USD		12,049		2.65	%		08/02/2022		12,090,681
Barclays Capital, Inc.	USD		12,605		2.05	%		08/01/2022		12,612,451
Barclays Capital, Inc.†	USD		792		1.25	%		—		792,339
Barclays Capital, Inc.†	USD		853		(1.00	)%*		—		852,358
Barclays Capital, Inc.†	USD		858		1.25	%		—		858,000
Barclays Capital, Inc.†	USD		1,233		2.05	%		—		1,233,165
Barclays Capital, Inc.†	USD		1,271		(2.25	)%*		—		1,270,044
Barclays Capital, Inc.†	USD		1,663		(1.00	)%*		—		1,662,500
Barclays Capital, Inc.†	USD		1,677		0.25	%		—		1,677,078
Barclays Capital, Inc.†	USD		2,600		2.00	%		—		2,600,375
Barclays Capital, Inc.†	USD		2,621		2.00	%		—		2,620,950
Barclays Capital, Inc.†	USD		3,205		(1.00	)%*		—		3,206,068
Barclays Capital, Inc.†	USD		4,076		2.25	%		—		4,077,382
Barclays Capital, Inc.†	USD		7,963		2.10	%		—		7,965,363
Barclays Capital, Inc.†	USD		10,089		(1.25	)%*		—		10,084,717
Credit Suisse Securities (USA) LLC	USD		2,921		2.40	%		08/01/2022		2,922,742
Credit Suisse Securities (USA) LLC	USD		3,674		2.32	%		08/01/2022		3,675,307


Broker	Currency		Principal Amount (000)		Interest Rate			Maturity		U.S. $ Value at July 31, 2022
Credit Suisse Securities (USA) LLC		USD		3,994		2.32	%		08/02/2022	$	3,995,862
Credit Suisse Securities (USA) LLC		USD		4,627		2.40	%		08/02/2022		4,638,855
Credit Suisse Securities (USA) LLC		USD		6,493		2.60	%		08/02/2022		6,496,155
Credit Suisse Securities (USA) LLC		USD		9,473		2.32	%		08/01/2022		9,480,524
Credit Suisse Securities (USA) LLC†		USD		120		(3.75	)%*		—		120,400
Credit Suisse Securities (USA) LLC†		USD		815		1.90	%		—		815,265
Credit Suisse Securities (USA) LLC†		EUR		860		(0.50	)%*		—		878,962
Credit Suisse Securities (USA) LLC†		USD		1,419		2.00	%		—		1,419,061
Credit Suisse Securities (USA) LLC†		USD		2,531		(1.25	)%*		—		2,531,042
Credit Suisse Securities (USA) LLC†		EUR		4,361		(3.50	)%*		—		4,453,489
Credit Suisse Securities (USA) LLC†		EUR		4,555		(0.50	)%*		—		4,655,298
Credit Suisse Securities (USA) LLC†		EUR		4,727		(0.50	)%*		—		4,831,659
HSBC Securities (USA) Inc.		USD		4,566		2.35	%		08/02/2022		4,573,091
HSBC Securities (USA) Inc.		USD		5,177		2.35	%		08/02/2022		5,190,730
HSBC Securities (USA) Inc.		USD		6,435		2.35	%		08/02/2022		6,445,922
HSBC Securities (USA) Inc.		USD		10,045		2.35	%		08/02/2022		10,046,967
HSBC Securities (USA) Inc.		USD		12,137		2.35	%		08/04/2022		12,139,669
RBC Capital Markets†		USD		1,147		1.90	%		—		1,147,250

										$	187,215,596

†	The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on July 31, 2022.

*	Interest payment due from counterparty.

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements is as follows:


	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total

Corporates - Non-Investment Grade	$	59,752,765	$	77,508,993	$	0	$	0	$	137,261,758
Corporates - Investment Grade		0		11,557,459		0		0		11,557,459
Governments - Treasuries		0		38,396,379		0		0		38,396,379

Total	$	59,752,765	$	127,462,831	$	0	$	0	$	187,215,596

(a)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At July 31, 2022, the aggregate market value of these securities amounted to $2,253,580,138 or 66.8% of net assets.

(b)

Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

(c)

Non-income producing security.

(d)

Defaulted matured security.

(e)

Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(f)

Fair valued by the Adviser.

(g)

Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at July 31, 2022.

(h)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.50% of net assets as of July 31, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities

Acquisition

Date

Cost

Market

Value

Percentage

Net Assets

BBFI Liquidating Trust
0.00%, 12/30/2099

02/04/2013

1,854,206

1,299,819

0.04

Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2018-7, Class PT
9.02%, 06/15/2043

04/25/2018-

06/01/2020

140,858

130,813

0.00

Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2019-24, Class PT
10.954%, 08/15/2044

06/27/2019

360,725

357,778

0.01

Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2019-36, Class PT
13.001%, 10/17/2044

09/04/2019

702,591

685,281

0.02

Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2019-43, Class PT
4.086%, 11/15/2044

10/09/2019

111,437

108,902

0.00

Consumer Loan Underlying Bond Club Certificate Issuer Trust I
Series 2018-12, Class PT
12.08%, 06/15/2043

06/26/2018

122,152

116,441

0.00

Consumer Loan Underlying Bond Club Certificate Issuer Trust I
Series 2018-4, Class PT
11.17%, 05/15/2043

05/11/2018

125,734

118,876

0.00

Consumer Loan Underlying Bond Credit Trust
Series 2018-3, Class PT
8.96%, 03/16/2043

03/07/2018-

05/11/2018

26,622

24,780

0.00

Diamond Offshore Drilling, Inc.

04/23/2021

2,371,458

1,003,111

0.03

Digicel Group Holdings Ltd.
7.00%, 08/15/2022

11/28/2016-

04/01/2021

719,499

317,176

0.01

Exide Technologies (Exchange Priority)
11.00%, 10/31/2024

10/29/2020

0.00

Exide Technologies (First Lien)
11.00%, 10/31/2024

10/29/2020

0.00

Fideicomiso PA Pacifico Tres
7.00%, 01/15/2035

03/04/2016

10,748,031

8,370,623

0.25

Intelsat Jackson Holdings SA
9.75%, 07/15/2025

06/21/2017

0.00

JPMorgan Madison Avenue Securities Trust
Series 2015-CH1, Class M2
7.759%, 10/25/2025

09/18/2015

2,355,920

2,293,508

0.07

K2016470219 South Africa Ltd.
3.00%, 12/31/2022

01/31/2017-

06/30/2021

5,622,018

2,811

0.00

K2016470260 South Africa Ltd.
25.00%, 12/31/2022

12/31/2017

3,941,905

0.00

Magnetation LLC/Mag Finance Corp.
11.00%, 05/15/2018

05/15/2013-

02/19/2015

12,955,188

0.00

144A/Restricted & Illiquid Securities

Acquisition

Date

Cost

Market

Value

Percentage

Net Assets

Odebrecht Holdco Finance Ltd.
Zero Coupon, 09/10/2058

01/22/2021

2,471,498

67,242

0.00

SoFi Consumer Loan Program LLC
Series 2016-1, Class R
Zero Coupon, 08/25/2025

07/28/2017-

08/01/2017

240,114

317,582

0.01

Tonon Luxembourg SA
6.50%, 10/31/2024

05/03/2019-

10/31/2021

4,733,143

244

0.00

Virgolino de Oliveira Finance SA
10.50%, 01/28/2018

10/19/2012-

02/27/2014

2,931,444

1,367

0.00

Virgolino de Oliveira Finance SA
10.875%, 01/13/2020

06/09/2014

2,486,550

250

0.00

Virgolino de Oliveira Finance SA
11.75%, 02/09/2022

07/26/2012-

02/05/2014

17,002,228

1,361

0.00

Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
7.509%, 11/25/2025

09/06/2016

1,575,758

1,438,770

0.04

Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 2M2
7.759%, 11/25/2025

09/28/2015-

02/26/2018

801,181

746,399

0.02

(i)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at July 31, 2022.

(j)

Convertible security.

(k)

Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(l)

The stated coupon rate represents the greater of the LIBOR or an alternate base rate such as the CDOR/SOFR or the LIBOR/CDOR/SOFR floor rate plus spread at July 31, 2022.

(m)

Defaulted.

(n)

Inverse interest only security.

(o)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

(p)

Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(q)

IO - Interest Only.

(r)

The rate shown represents the 7-day yield as of period end.

(s)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(t)

Affiliated investments.

(u)

As of July 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $67,152,613 and gross unrealized depreciation of investments was $(642,457,361), resulting in net unrealized depreciation of $(575,304,748).

Currency Abbreviations:

CAD – Canadian Dollar

COP – Colombian Peso

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CPI – Consumer Price Index

ETF – Exchange Traded Fund

EURIBOR – Euro Interbank Offered Rate

FedFundEffective – Federal Funds Effective Rate

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

COUNTRY BREAKDOWN¹

July 31, 2022 (unaudited)


73.1	%	United States
3.7	%	United Kingdom
2.6	%	Canada
2.1	%	Luxembourg
2.0	%	Brazil
1.2	%	France
0.9	%	Spain
0.9	%	Mexico
0.8	%	Germany
0.7	%	Italy
0.6	%	Switzerland
0.6	%	India
0.6	%	Colombia
7.8	%	Other
2.4	%	Short-Term

100.0	%	Total Investments

All data are as of July 31, 2022. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.6% or less in the following: Angola, Argentina, Australia, Bahrain, Bermuda, Chile, China, Czech Republic, Denmark, Dominican Republic, Ecuador, Egypt, El Salvador, Finland, Gabon, Ghana, Guatemala, Hong Kong, Indonesia, Ireland, Israel, Ivory Coast, Jamaica, Jersey (Channel Islands), Macau, Morocco, Netherlands, Nigeria, Norway, Oman, Panama, Peru, Senegal, South Africa, Sweden, Trinidad & Tobago, Turkey, Ukraine, United Republic of Tanzania, Venezuela and Zambia.

AB High Income Fund

July 31, 2022 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1 - quoted prices in active markets for identical investments

•

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as a significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of July 31, 2022:


Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	1,975,953,027		$	848,854	#	$	1,976,801,881
Corporates - Investment Grade		-0-			388,571,341			1,299,819			389,871,160
Bank Loans		-0-			191,542,481			29,163,010			220,705,491
Emerging Markets - Corporate Bonds		-0-			196,947,061	#		2,978	#		196,950,039
Collateralized Mortgage Obligations		-0-			163,298,519			-0-			163,298,519
Governments - Treasuries		-0-			128,755,948			-0-			128,755,948
Collateralized Loan Obligations		-0-			101,521,258			-0-			101,521,258
Emerging Markets - Sovereigns		-0-			89,464,206			-0-			89,464,206
Common Stocks		25,941,622			21			36,786,087	#		62,727,730
Quasi-Sovereigns		-0-			19,248,598			-0-			19,248,598
Commercial Mortgage-Backed Securities		-0-			15,770,631			-0-			15,770,631
Local Governments - US Municipal Bonds		-0-			15,015,516			-0-			15,015,516
Inflation-Linked Securities		-0-			12,020,287			-0-			12,020,287
Preferred Stocks		5,964,985			-0-			4,891,800			10,856,785
Warrants		18,365			-0-			3,940,524	#		3,958,889
Asset-Backed Securities		-0-			2,316,762			317,582			2,634,344
Rights		-0-			-0-			58,498			58,498
Governments - Sovereign Bonds		-0-			-0-			0	#		-0-
Short-Term Investments:
Time Deposits		-0-			53,614,043			-0-			53,614,043
Investment Companies		29,437,888			-0-			-0-			29,437,888

Total Investments in Securities		61,362,860			3,354,039,699			77,309,152			3,492,711,711
*Other Financial Instruments:**
Assets
Futures		2,132,001			-0-			-0-			2,132,001
Forward Currency Exchange Contracts		-0-			603,205			-0-			603,205
Centrally Cleared Credit Default Swaps		-0-			5,982,318			-0-			5,982,318
Credit Default Swaps		-0-			116,819			-0-			116,819
Liabilities
Futures		(119,164	)		-0-			-0-			(119,164	)
Forward Currency Exchange Contracts		-0-			(1,533,924	)		-0-			(1,533,924	)
Credit Default Swaptions Written		-0-			(142,019	)		-0-			(142,019	)
Credit Default Swaps		-0-			(36,286,372	)		-0-			(36,286,372	)
Total Return Swaps		-0-			(909,456	)		-0-			(909,456	)
Reverse Repurchase Agreements		(187,215,596	)		-0-			-0-			(187,215,596	)

Total	$	(123,839,899	)	$	3,321,870,270		$	77,309,152		$	3,275,339,523

#	The Fund held securities with zero market value at period end.

Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Corporates - Non- Investment Grade#			Corporates - Investment Grade			Bank Loans			Emerging Markets - Corporate Bonds#
Balance as of 10/31/21	$	1,028,380		$	-0-		$	39,398,248		$	24,976
Accrued discounts/(premiums)		-0-			598			-0-			-0-
Realized gain (loss)		11,626			-0-			81,816			7,397
Change in unrealized appreciation/depreciation		(179,526	)		(554,387	)		(1,754,514	)		(514,838	)
Purchases		-0-			1,853,608			3,612,770			-0-
Sales		(11,626	)		-0-			(3,456,596	)		(7,397	)
Transfers into Level 3		-0-			-0-			10,707,071			517,817
Transfers out of Level 3		-0-			-0-			(19,425,785	)		(24,977	)

Balance as of 7/31/22	$	848,854		$	1,299,819		$	29,163,010		$	2,978

Net change in unrealized appreciation/depreciation from investments held as of 7/31/22	$	(179,526	)	$	(554,387	)	$	(1,681,236	)	$	(514,838	)

	Common Stocks#			Preferred Stocks			Warrants#			Asset-Backed Securities
Balance as of 10/31/21	$	49,557,924		$	4,609,800		$	3,285,967		$	5,305,374
Accrued discounts/(premiums)		-0-			-0-			-0-			(2,504,018	)
Realized gain (loss)		1,443,193			-0-			-0-			464,746
Change in unrealized appreciation/depreciation		(11,909,046	)		282,000			654,557			(185,271	)
Purchases		9,462,707			-0-			-0-			-0-
Sales/Paydowns		(11,768,691	)		-0-			-0-			(2,763,249	)
Transfers into Level 3		-0-			-0-			-0-			-0-
Transfers out of Level 3		-0-			-0-			-0-			-0-

Balance as of 7/31/22	$	36,786,087		$	4,891,800		$	3,940,524		$	317,582

Net change in unrealized appreciation/depreciation from investments held as of 7/31/22	$	(12,289,479	)	$	282,000		$	654,557		$	(185,271	)

	Rights			Governments - Sovereign Bonds#			Total
Balance as of 10/31/21	$	61,481		$	-0-		$	103,272,150
Accrued discounts/(premiums)		-0-			-0-			(2,503,420	)
Realized gain (loss)		-0-			-0-			2,008,778
Change in unrealized appreciation/depreciation		(2,983	)		-0-			(14,164,008	)
Purchases		-0-			-0-			14,929,085
Sales/Paydowns		-0-			-0-			(18,007,559	)
Transfers into Level 3		-0-			-0-			11,224,888
Transfers out of Level 3		-0-			-0-			(19,450,762	)

Balance as of 7/31/22	$	58,498		$	-0-		$	77,309,152

Net change in unrealized appreciation/depreciation from investments held as of 7/31/22	$	(2,983	)	$	-0-		$	(14,471,163	)

#	The Fund held securities with zero market value that were sold/expired/written off during the reporting period.

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at July 31, 2022. Securities priced (i) by third party vendors, (ii) by brokers or (iii) using prior transaction prices, which approximates fair value, are excluded from the following table.


	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 7/31/22		Valuation Technique	Unobservable Input	Input
Corporates - Non-Investment Grade	$	848,854	Recovery Analysis	Collateral Value	$	62.65
	$	-0-	Qualitative Assessment		$	0.00

	$	848,854

Corporates - Investment Grade	$	1,299,819	Market Approach	Market Neutral Price	$	59.79
Emerging Markets - Corporate Bonds	$	1,367	Qualitative Assessment		$	0.01
	$	1,361	Qualitative Assessment		$	0.01
	$	250	Qualitative Assessment		$	0.01

	$	2,978

Common Stocks	$	8,710,997	Market Approach	NAV Equivalent	$	967.89
	$	1,314,625	Market Approach	EBITDA* Projection	$	434.7mm to $468.2mm
				EBITDA* Multiples		6.5x-7.0x
	$	5	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00

	$	10,025,627

Warrants	$	3,940,524	Option Pricing Model	Exercise Price	$	23.27
	$	-0-	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00

	$	3,940,524

Asset-Backed Securities	$	317,582	Recovery Analysis	Collateral Value	$	97.02
Governments - Sovereign Bonds	$	-0-	Qualitative Assessment		$	0.00

*	Earnings Before Interest, Taxes, Depreciation and Amortization.

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in Collateral Value, Market Neutral Price, NAV Equivalent, EBITDA projections and EBITDA Multiple and Exercise Price in isolation would be expected to result in a significantly higher (lower) fair value measurement.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended July 31, 2022 is as follows:


Fund	Market Value 10/31/21 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 7/31/22 (000)		Dividend Income (000)
Government Money Market Portfolio	$	118,010	$	759,383	$	847,955	$	29,438	$	40